EURJPY gained above 183.50 on a strong Euro. It continues to be bullish so long as it's miles above 183. Having attained an intraday high of 183.90, it now hovers about 183.88.
Technical Analysis:
The EUR/JPY pair is above the 55 EMA, 200 EMA, 365-H EMA, and below the 800 EMA on the 1-hour chart.
- Near-Term Resistance: Around 184.35,a breakout here could lead to targets at 185/186/187.
- Immediate Support: At 183, if breached, the pair could fall to 182.15/181.60/180.80/180.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 183.78-80, with a SL around 183 for a TP of 185.
