After finding support close to the trend line, EURJPY showed a tiny retracement. It stays negative as long as it's far under 184.35 keeps. Having reached an intraday low of 183.17, it now floats around 183.67.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, above 200, and above 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 183.90, a breakout here could lead to targets at 184.35/185/185.36/186.20/186.5/187/188.
- Immediate Support: At 183, if breached, the pair could fall to 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 184 with a SL around 184.40 for a TP of 183.
