EURJPY gained slightly after a massive sell-off. It continues to be bearish so long as it's miles below 186.20. Having attained an intraday low of 183.99, it now hovers about 184.81.
Technical Analysis:
The EUR/JPY pair is below the 55 EMA, above 200, and above the 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185, a breakout here could lead to targets at 185.36/186.20/186.5/187/188.
- Immediate Support: At 183.80, if breached, the pair could fall to 183/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 185.38-40 with a SL around 186.20 for a TP of 183/182.
