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EURJPY trades well below 180 after a minor pullback. It continues to be bearish so long as it's miles below 180. Having attained an low of 178.06, it now hovers about 178.66.
Technical Analysis:
The EUR/JPY pair is below the 55 EMA, 200 EMA, 365-H EMA, and above 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 180.25, a breakout here could lead to targets at 180.75/181.47/182/183/184.40/185.
- Immediate Support: At 177.80, if breached, the pair could fall to 177/176/175.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to sell on rallies around 179.28-30 with a SL around 180.30 for a TP of 177.
