EURJPY has been trading in a narrow range between 179.77 and 181.45 for the past two weeks. Intraday is bullish as long as support at 180 holds. With an intraday high of 181.33, it now trades at about 180.274.
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 181.50,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 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: Neutral
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 181 with a stop loss at 180 for a TP of 183.
