EURJPY recovered more than 100 pips as the yen loses momentum. Having attained an intraday high of 180.66, it now hovers around 180.606.
Technical Analysis:
The EUR/JPY pair is above the 55 EMA, below the 200 and 365-H EMA, and above the 800-EMA on the 4-hour chart.
- Near-Term Resistance: Around 181,a breakout here could lead to targets at 182/183/184.40/185.
- Immediate Support: At 180, if breached, the pair could fall to 179.50/178.47/177.80/177/176/175.
Indicator Analysis (1-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Mixed
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to sell on rallies around 180.78-80 with a SL around 181.60 for a TP of 177.80.
