EURJPY has been consolidating in a narrow range between 181.80 and 184.08 for the past 5 days. It continues to be bullish so long as it's miles over 181.80. Having attained an intraday high of 183.33, it now hovers about 183.09.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 183.50, a breakout here could lead to targets at 184.20/184.60/185/186.25.
- Immediate Support: At 182.78, if breached, the pair could fall to 182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Neutral
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to buy on dips around 182. 48-50 with a SL around 181.80 for a TP of 186.
