EURJPY took support near the 55-4H EMA and showed a minor pullback. As long as support 179.75 holds, intraday remains bullish.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 181.20, a breakout here could lead to targets at 182/182.62/183/185.
- Immediate Support: At 180.50, if breached, the pair could fall to 180/179.70/ 179.20/178.90/178.40/178/177.25/176/175.20.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 180.68-70 with a stop loss at 179.70 for a TP of 183.
