EURJPY holds above 183 on board-based Euro buying. Intraday trend is positive as long as support 181.30 holds. The pair posted an intraday high of 182.94 and is now hovering at roughly 182.865.
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 183.20, a breakout here could lead to targets at 183/185.
- Immediate Support: At 182.50, if breached, the pair could fall to 181.85/181.30/180.87/180/179.70/ 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 bullish trend
Trading Recommendation:
It is good to buy on dips around 182.50 with a stop loss at 181.85 for a TP of 184.
