EURJPY broke below its trend line after being stuck for a while. The trend for today is still down as long as it stays below 185. It dropped to 182.89 today and is now around 182.96.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and below 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184,a breakout here could lead to targets at 185/186/187/188.69.
- Immediate Support: At 182.80, if breached, the pair could fall to 182/181/180.
Indicator Analysis (4-hour chart):
- CCI (50): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest neutral trend
Trading Recommendation:
It is good to sell on rallies around 183.38-40 with a stop loss at 184 for a TP of 180.
