EURJPY gained sharply after forming a triple bottom around 182. It continues to be bullish so long as it's miles over 181.80. Having attained an intraday high of 183.93, it now hovers about 183.92.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 184, a breakout here could lead to targets at 184.60/185/186.25.
- Immediate Support: At 182.78, if breached, the pair could fall to 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 183 for a TP of 186.
