EURJPY gained more than 50 pips from the intraday low of 183.71. It stays positive as long as support 183 holds. Having reached an intraday high of 184.36, it now floats around 184.25.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 365, and 800- EMA on the 5-min chart.
- Near-Term Resistance: Around 184.46, a breakout here could lead to targets at 185/185.36/186.20/186.5/187/188.
- Immediate Support: At 183.70, if breached, the pair could fall to 183.40/183/182.48/181.80/180.80/180.
Indicator Analysis (5-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 184.25-27 with a SL around 183.70 for a TP of 185.25.
