EURJPY Erases Gains as Yen Surges: Bears Target 180 as Downward Pressure Mounts

EURJPY pared most of its gains as the yen gained momentum. It continues to be bearish so long as it's miles below 183. Having attained an intraday low of 181.23, it now hovers about 181.43.

Technical Analysis:

The EUR/JPY pair is below the 55 EMA,  200 EMA, 365-H EMA, and above the 800 EMA  on the 4-hour   chart.

• Near-Term Resistance: Around 182,a breakout here could lead to targets at 183/184.40/185.
   
• Immediate Support: At 181, if breached, the pair could fall to 180/179.
  
  Indicator Analysis  (4-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 with  a SL around 183 for a TP of 180.