EURJPY pared some of its gains as the Euro loses momentum. It continues to be bullish so long as it's miles above 184. Having attained a high of 186.20, it now hovers about 185.69.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and above 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 186.20, a breakout here could lead to targets at 186.5/187/188.
- Immediate Support: At 185.354, if breached, the pair could fall to 184.80, 184/183.65/183/182.48/181.80/180.80/180.
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 185.48-50 with a SL around 184.78 for a TP of 188.
