EURJPY declined sharply after BOJ kept its rates unchanged. As long as it remains above 184, the trend for now is bullish. It is currently around 185.49 after hitting an intraday high of 186.87.
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 185.76,a breakout here could lead to targets at 186/187/188.69.
- Immediate Support: At 184.75, if breached, the pair could fall to 184.19/183.80/183/182.60/182/181/180.
Indicator Analysis (1- 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 184.68-70 with a stop loss at 184 for a TP of 187.
