EURJPY recovered more than 150 pips after the BOJ rate hike. Having attained an intraday low of 178.93, it now hovers around 181.09.
Technical Analysis:
The EUR/JPY pair is above the 55 EMA, 200 EMA, 365-H EMA, and 800 EMA on the 1-hour chart.
- Near-Term Resistance: Around 182, a breakout here could lead to targets at 183/184.40/185.
- Immediate Support: At 180, if breached, the pair could fall to 177.80/177/176/175.
Indicator Analysis (1-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 180.78-80with a SL around 180 for a TP of 183/185.
