EURJPY is consolidating in a narrow range after a massive sell-off. As long as it remains below 184, the trend for now is bearish. It is currently around 183.42 after hitting an intraday high of 183.71.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, above 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184,a breakout here could lead to targets at 184.35/184.92/186/187/188.69.
- Immediate Support: At 183, if breached, the pair could fall to 182/181.75/180.
Indicator Analysis (1- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to sell on rallies around 183.78-80, with a stop loss at 185 and a TP at 180.
