EURJPY pared most of its gains as Euro loses momentum. Having attained an low of 178.18 yesterday, it now hovers about 178.51.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, below 200, 365-H EMA and above 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 179.20,a breakout here could lead to targets at 180/180.78/181.55/182.
- Immediate Support: At 177.80, if breached, the pair could fall to 177/176/175.
Indicator Analysis (4-hour chart):
- CCI (50): Bearish
- Average Directional Movement Index: bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 179.20 with a SL around 180 for a TP of 177.80/177.


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