EURJPY pared some of its gains as the yen gained momentum. As long as support 179.50 holds, intraday remains bullish.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 180.70, a breakout here could lead to targets at 181.30/182/182.62/183/185.
- Immediate Support: At 180, if breached, the pair could fall to 179.45/179.20/178.90/178.40/178/177.25/176/175.20.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 180.18-20 with a stop loss at 179.50 for a TP of 183.
