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EURJPY Bounce Loses Steam Below 184 — Sell-the-Rally Setup Eyes 183 Target

After finding support close to the trend line, EURJPY showed a tiny retracement. It stays negative as long as it's far under 184.35 keeps. Having reached an intraday low of 183.17, it now floats around 183.67.

 

Technical Analysis:

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

  • Near-Term Resistance: Around 183.90, a breakout here could lead to targets at 184.35/185/185.36/186.20/186.5/187/188.
     
  • Immediate Support: At 183, if breached, the pair could fall to 182.48/181.80/180.80/180.

    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 184 with a SL around 184.40  for a TP of 183.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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