EURJPY Pulls Back After Monster Surge: Buy the Dip to 186 Target

Following a significant surge of over 150 pips, EURJPY shed some of its gains as the yen loses power. It is still bullish as long as it is over 183.20 pairs. It now hovers around 183.67 after hitting an intraday peak of 184.18.

Technical Analysis:

The EUR/JPY pair is above 55 EMA,  200, and 365-H EMA  on the 4-hour  chart.

• Near-Term Resistance: Around 184.20, a breakout here could lead to targets at 184.92/186/187/188.69.
   
• Immediate Support: At 183.20, if breached, the pair could fall to 182.80/182.48/181.80/180.80/180.
  
  Indicator Analysis  (4- hour chart):

1. CCI (50): Bullish
    
2. Average Directional Movement Index:  Bullish
   
   Overall, the indicators suggest a bullish trend

Trading Recommendation:

It is good to buy on dips around 183.18-20 with a SL around 182.48 for a TP of 186.