EURJPY Double-Top Rejected – Bulls Reload Above 183 for 187 Push

EURJPY formed a double top around 185.50 and showed a minor sell-off.  The trend for today is bullish as long as it stays above 183. It hits an intraday high of 184.55  and is now around 184.48.

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 185.50,a breakout here could lead to targets at 186/187/188.69.
• Immediate Support: At 184.80, if breached, the pair could fall to 184.19/183.80/183/182.60/182/181/180.
  
  Indicator Analysis  (4- hour chart):
• CCI (50): Bullish
• Average Directional Movement Index: Neutral

Overall, the indicators suggest a neutral trend

Trading Recommendation:

It is good to buy on dips around 184.18-20 with a stop loss at 183 for a TP of 187.