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Euro-Yen Consolidation: EURJPY Eyes 186.00 Breakout as Support Holds Firm

EURJPY has been consolidating in a narrow range between 181.80 and 184.08 for the past 5 days. It continues to be bullish so long as it's miles over 181.80. Having attained an intraday high of 183.33, it now hovers about 183.09.

Technical Analysis:

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

  • Near-Term Resistance: Around 183.50, a breakout here could lead to targets at 184.20/184.60/185/186.25.
     
  • Immediate Support: At 182.78, if breached, the pair could fall to 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 neutral trend

Trading Recommendation:

It is good to buy on dips around 182. 48-50 with  a SL around 181.80  for a TP of 186.

 

 

 

 

 

 

 

 

 

 

 

 

 

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