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Japan's Debt Drag Keeps Yen Weak: EUR/JPY Hits 183.15 High, But Bulls Need 183.20 Conquest for 186

As the yen lost its lustre owing to continuous economic difficulties in Japan, EURJPY rose dramatically. As long as it stays under 183.20 pair remains neutral. After striking a high of 183.15 yesterday, it is now about 182.17.

Technical Analysis:

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

  • Near-Term Resistance: Around 183.250,a breakout here could lead to targets at 183.60/184.35/184.92/186/187/188.69.
     
  • Immediate Support: At 182.50, if breached, the pair could fall to 181.80/180.80/180.

    Indicator Analysis  (4- hour chart):
  • CCI (50): Bearish
     
  • Average Directional Movement Index:  Neutral

    Overall, the indicators suggest a bearish trend

Trading Recommendation:

It is good to buy only above 183.20 with  a SL around 182.50 for a TP of 186

 

 

 

 

 

 

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