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Euro Loss of Momentum Triggers EUR/JPY Pullback Toward 178.18 Support

 

 

EURJPY pared most of its gains as Euro loses momentum. Having attained an low of 178.18 yesterday, it now hovers about 178.51.

Technical Analysis:

The EUR/JPY pair is below  55 EMA, below  200, 365-H EMA and above  800- EMA  on the 4-hour   chart.

  • Near-Term Resistance: Around 179.20,a breakout here could lead to targets at 180/180.78/181.55/182.
     
  • Immediate Support: At 177.80, if breached, the pair could fall to 177/176/175.

    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 179.20 with  a SL around 180 for a TP of 177.80/177.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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