EURJPY jumped sharply on board-based yen weakness. Intraday trend is bullish as long as support 184 holds. The pair posted an intraday high of 184.92 and is now hovering at roughly 184.75.
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 185, a breakout here could lead to targets at 186/187/188.69.
- Immediate Support: At 184, if breached, the pair could fall to 183.60/183/182.70/182.
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 184 with a stop loss at 183 for a TP of 186/187.
