EURJPY lost its shine on Euro weakness. It continues to be bearish so long as it's miles below 185. Having attained a low of 184.02 yesterday, it now hovers about 184.40.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185,a breakout here could lead to targets at 185.60/186.25/187.
- Immediate Support: At 184, if breached, the pair could fall to 183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a weak trend
Trading Recommendation:
It is good to sell on rallies around 185 with a SL around 186 for a TP of 183.
