Following the Federal Reserve's rate cut, the Euro picked up speed, and EURJPY held over 182.50. Intraday trend is positive as long as support 181.30 holds. The pair posted an intraday high of 182.45 and is now hovering at roughly 182.52.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 182.65, a breakout here could lead to targets at 183/185.
- Immediate Support: At 181.65, if breached, the pair could fall to 181.30/180.87/180/179.70/ 179.20/178.90/178.40/178.
Indicator Analysis (4-hour chart): - CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the indicators suggest a bullish trend
Trading Recommendation:
It is good to buy on dips around 182 with stop loss at 181.30 for a TP of 183.45/184.
