EURJPY trades below the 183 level on board-based yen buying. As long as it remains below 184, the trend for now is bearish. It is currently around 182.76 after hitting an intraday low of 182.20.
Technical Analysis:
The EUR/JPY pair is trading below 55 EMA, 200, and above 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 183.25,a breakout here could lead to targets at 183.75/184.35/184.92/186/187/188.69.
- Immediate Support: At 182, if breached, the pair could fall to 181.75/181/180.
Indicator Analysis (4- hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 183 with a stop loss at 184 for a TP of 180.
