EURJPY showed a nice jump after the BOJ 25 bps rate hike. Intraday trend is bullish as long as support 183 holds. The pair posted an intraday high of 184.36 and is now hovering at roughly 184.21.
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 184.50,a breakout here could lead to targets at 185/186.
- Immediate Support: At 183.70, if breached, the pair could fall to 183.30/182.70/182/181.5/181.30/180.87/180/179.70/ 179.20/178.90/178.40/178.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to buy on dips around 183.48-50 with a stop loss at 182.70 for a TP of 185.
