EURJPY traded in a narrow range between 181.52 and 180.13 for the past three days. As long as support 180 holds, intraday remains bullish. It hits an intraday high of 181.35 and is currently trading around 18.
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 181.35, a breakout here could lead to targets at 181.60/182/182.62/183/185.
- Immediate Support: At 180.60, if breached, the pair could fall to 179.70/ 179.20/178.90/178.40/178/177.25/176/175.20.
Indicator Analysis (60-min 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 180.28-30 with a stop loss at 179.70 for a TP of 182.
