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EUR/JPY Under Pressure: Broad Yen Buying Keeps Bears in Control Below 183.00

EURJPY pared most of its gains on board-based yen buying. It continues to be bearish so long as it's miles below 183. Having attained an  intraday low of 179.36, it now hovers about 180.62.

Technical Analysis:

The EUR/JPY pair is  below   55 EMA,  200, 365-H EMA and 800- EMA  on the 4-hour   chart.

  • Near-Term Resistance: Around 181.25,a breakout here could lead to targets at 182/2183.
     
  • Immediate Support: At 180, if breached, the pair could fall to 179.36/178.

    Indicator Analysis  (4-hour chart):
  • CCI (50): Bullish
     
  • Average Directional Movement Index:  Bullish

    Overall, the indicators suggest a bullish trend

Trading Recommendation:

It is good to sell on rallies around 181.25-30 with  a SL around 182  for a TP of 178.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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