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EURJPY has traded in a narrow range between 185.45 and 184.01 for the past five days. It continues to be bearish so long as it's miles below 185. Having attained an intraday low of 184.35, it now hovers about 184.585.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185,a breakout here could lead to targets at 185.60/186.25/187.
- Immediate Support: At 184, if breached, the pair could fall to 183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a weak trend
Trading Recommendation:
It is good to sell on rallies around 185 with a SL around 186 for a TP of 183.
