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EURJPY formed a double top near 182.65 and edged down marginally after the profit booking. The rally can be sustained during the day if the 181.30 support level is not breached. The pair posted an intraday low of 182.28 and is currently hovering around 182.393.
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 182.65, a breakout here could lead to targets at 183/185.
- Immediate Support: At 181.65, if breached, the pair could fall to 181.30/180.87/180/179.70/ 179.20/178.90/178.40/178.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 181.30-35 with a stop loss at 180 for a TP of 183.
