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EURJPY Bears Hold the Line: Sell Rallies Below 183 as Trendline Support Tested

 

EURJPY took support near trend line and showed a minor pullback. As long as it remains below 183, the trend for now is bearish. It is currently around 182.05 after hitting a low of 180.80 yesterday.

Technical Analysis:

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

  • Near-Term Resistance: Around 182.30,a breakout here could lead to targets at 182.85/183/183.60/184.35/184.92/186/187/188.69.
     
  • Immediate Support: At 180.80, if breached, the pair could fall to 180/178.

    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 sell on rallies around 182.25-30 with a stop loss at 183 for a TP of 180.

 

 

 

 

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