EURJPY Pauses After Multi-Year High – Bulls Eye 186 Breakout Above 183 Support

EURJPY  trades flat after hitting muti-year high. Intraday trend is bullish as long as support 183 holds. The pair posted an intraday high of 184.416 and is now hovering at roughly 184.09.

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,a breakout here could lead to targets at 186/187/188.69.
   
• Immediate Support: At 184, if breached, the pair could fall to 183.60/183/182.70/182.
  
  Indicator Analysis  (4-hour chart):
• CCI (50): Bullish
• Average Directional Movement Index: Neutral

Overall, the indicators suggest a Bullish trend

Trading Recommendation:

It is good to buy on dips around 184 with a stop loss at 183 for a TP of 186/187.