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EURJPY Poised for a Breakout: Bulls Target 183 on Support Strength

EURJPY is consolidating after forming a temporary top around 180.02. Intraday remains bullish as long as support at 178.40 holds. 

Technical Analysis:

The EUR/JPY pair is trading above 55 EMA,  200, and  365-H EMA  on the 1-hour  chart.

  • Near-Term Resistance: Around 180.05, a breakout here could lead to targets at 183/185.
     
  • Immediate Support: At 178.80, if breached, the pair could fall to 178.40/178/177.25/176/175.20/174.60/174/173.

    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 179 with a stop loss at 177.80 for a TP of 183.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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