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EURJPY gained above the 185 level after a long consolidation. It continues to be bullish so long as it's miles above 184. Having attained an intraday high of 185.08, it now hovers about 185.03
Technical Analysis:
The EUR/JPY pair is above 55 EMA, 200, and 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185.25, a breakout here could lead to targets at 185.60/186.25/187.
- Immediate Support: At 184, if breached, the pair could fall to 183.65/183/182.48/181.80/180.80/180.
Indicator Analysis (4- hour chart): - CCI (50): neutral
- Average Directional Movement Index: neutral
Overall, the indicators suggest a weak trend
Trading Recommendation:
It is good to buy on dips around 184.80-85 with a SL around 184 for a TP of 187.
