EURJPY pared most of its gains as the yen gained momentum. It continues to be bearish so long as it's miles below 186. Having attained a low of 183.75, it now hovers about 184.17.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, 365-H EMA, and 800- EMA on the 15-min chart.
- Near-Term Resistance: Around 184.56, a breakout here could lead to targets at 185.20/186.20/186.5/187/188.
- Immediate Support: At 183.75, if breached, the pair could fall to 184/183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (15-min 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 184.58-60 with a SL around 185.25 for a TP of 183.
