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EUR/JPY Breaks Out: Euro Surges Past 185.00 Resistance Amid Strong Bullish Momentum 
Nikkei gained sharply due to a dovish 50 bpbs rate cut by the Fed. It hits a high of 37400 at the time of writing and is currently trading around 37262.
Fed cuts rates by 50 bpbs to 4.75%-5%. It signals towards two to three 25 bps cuts in the next two meetings of 2024.
The central bank mentioned that Job gains have slowed and inflation is moving towards a fed target of 2% but remains slightly elevated.
The index holds below the short-term 34 and above 55 EMA and below the long-term moving average (200- EMA) in 4 hour chart.
The near-term resistance is around 37500, any violation above will take the index to 37500/37695/38000. Overall bullish continuation only above 42550.
On the lower side, immediate support stands around 36600, any breach below will drag the index down to 36360/36175/36000/35870. Further bearishness is only below 35000.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around 37000 with SL around 36600 for TP of 38000.
