EURJPY holds above the 180 level on board-based yen selling. Intraday remains bullish as long as support 178.40 holds.
Technical Analysis:
The EUR/JPY pair is trading above 55 EMA, 200, and 365-H EMA on the 1-hour chart.
- Near-Term Resistance: Around 180.30, a breakout here could lead to targets at 180.69/181/183/185.
- Immediate Support: At 179.23, if breached, the pair could fall to 178.80/178.40/178/177.25/176/175.20/174.60/174/173.
Indicator Analysis (4-hour chart):
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the indicators suggest a mixed trend
Trading Recommendation:
It is good to buy on dips around 179.68-70 with a stop loss at 178.80 for a TP of 183.
