As the yen lost its lustre owing to continuous economic difficulties in Japan, EURJPY rose dramatically. As long as it stays under 183.20 pair remains neutral. After striking a high of 183.15 yesterday, it is now about 182.17.
Technical Analysis:
The EUR/JPY pair is above 55 EMA, below 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 183.250,a breakout here could lead to targets at 183.60/184.35/184.92/186/187/188.69.
- Immediate Support: At 182.50, if breached, the pair could fall to 181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to buy only above 183.20 with a SL around 182.50 for a TP of 186
