EURJPY surged sharply as the Euro showed strength against all major currencies. The trend for today is bullish as long as it stays above 183. It hits an intraday high of 184.55 and is now around 184.48.
Technical Analysis:
The EUR/JPY pair is trading above the 55 EMA, 200 EMA, and below the 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184.60,a breakout here could lead to targets at 185/186/187/188.69.
- Immediate Support: At 183.48, if breached, the pair could fall to 183/182.60/182/181/180.
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 sell on rallies around 183.38-40 with a stop loss at 184 for a TP of 180.
