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EURJPY formed a double top around 185.50 and showed a minor sell-off. The trend for today is bullish as long as it stays above 183. It hits an intraday high of 184.55 and is now around 184.48.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and below 365-H EMA on the 4-hour chart.
- Near-Term Resistance: Around 185.50,a breakout here could lead to targets at 186/187/188.69.
- Immediate Support: At 184.80, if breached, the pair could fall to 184.19/183.80/183/182.60/182/181/180.
Indicator Analysis (4- hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a neutral trend
Trading Recommendation:
It is good to buy on dips around 184.18-20 with a stop loss at 183 for a TP of 187.
