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Yen Roars Back: EURJPY Cracks Below 183 – Bears Target 180 on Rallies

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.

 

 

 

 

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