EURJPY breaks significant resistance at 182 after a long consolidation. Intraday is bullish as long as support 181.30 holds. With an intraday high of 182.14, it now trades at about 181.94.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and below 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 182.20, a breakout here could lead to targets at 182.62/183/185.
- Immediate Support: At 181.65, if breached, the pair could fall to 181.30/180.87/180/179.70/ 179.20/178.90/178.40/178.
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 buy on dips around 181.30-35 with a stop loss at 180 for a TP of 183.
