On broad-based yen weakness, EURJPY showed a minor pullback above the 184 level. It continues to be bullish so long as it's miles over 183. Having attained an intraday high of 184.08, it now hovers about 183.83.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184.20,a breakout here could lead to targets at 184.60/185/186.25.
- Immediate Support: At 183.20, if breached, the pair could fall to 182.80/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 183.48-50 with a SL around 182.80 for a TP of 186.
