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.
