EURJPY showed a minor pullback above 185 as the yen loses momentum. It continues to be bullish so long as it's miles above 184. Having attained a high of 185.77, it now hovers about 185.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, 365-H EMA, and 800- EMA on the 60-min chart.
- Near-Term Resistance: Around 186.30, a breakout here could lead to targets at 187/188.
- Immediate Support: At 184.80, if breached, the pair could fall to 184/183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 185 with a SL around 184 for a TP of 187.
