EURJPY trades above 184 as the Euro gains momentum. As long as it remains above 183, the trend for now is bullish. It is currently around 184.06 after hitting an intraday high of 184.09.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184.20,a breakout here could lead to targets at 184.92/186/187/188.69.
- Immediate Support: At 183, if breached, the pair could fall to 182/181.75/180.
Indicator Analysis (4- hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to buy on dips around 183.78-80 with a stop loss at 183 for a TP of 187.
