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Buy the Dip: Trading Opportunity in EUR/JPY

EUR/JPY trades in a narrow range after a major pullback above 165.  It hit a high of 165.45 yesterday and is currently trading around 165.06. Intraday outlook is bullish as long as the support of 163.85 holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 165.50  a breakout here could lead to targets at 166/166.65/167.
     
  • Immediate Support: At 164.50 if breached, the pair could fall to 163.85/163.50/  163/162.75/162/161.49/160.50/160/  159.25/158.85/158.25.

    Indicator Analysis 4-hour chart):
     
  • CCI (50): Bullish
     
  • Average Directional Movement Index: Neutral

Overall, the indicators suggest Mixed trend

Trading Recommendation:

It is good to buy on dips around 164 with stop loss at 163 for a TP of 166.50.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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