EURJPY pared most of its gains as demand for safe-haven assets increased. As long as it stays under 183.20 pair remains bearish. After striking a low of 182.17, it is now about 182.19.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 182.60, a breakout here could lead to targets at 183/183.25/183.60/184.35/184.92/186/187/188.69.
- Immediate Support: At 182.20, if breached, the pair could fall to 181.80/180.80/180.
Indicator Analysis (1- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 182.58-60 with a SL around 183.20 for a TP of 180.
