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EUR/JPY Bears Take the Wheel: Slump Toward 183 Threatens as Key EMAs Cap Gains

EURJPY pared some of its gains on board-based Euro weakness. It continues to be bearish so long as it's miles below 186. Having attained an intraday low of 184.55, it now hovers about 184.76.

Technical Analysis:

The EUR/JPY pair is below 55 EMA,  200 EMA, 365-H EMA and above  800- EMA  on the 4-hour   chart.

  • Near-Term Resistance: Around 185, a breakout here could lead to targets at 186/187.
     
  • Immediate Support: At 184, if breached, the pair could fall to 183/182.15/181.60/180.80/180.

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

    Overall, the indicators suggest a bearish trend

Trading Recommendation:

It is good to sell on rallies around 185.28-30 rallies around 186.20 with  a SL for a TP of 183.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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