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Double Bottom Launch: EURJPY Eyes 190.00 After Support Hold

EURJPY formed a double bottom near 186 and showed a minor pullback. It continues to be bullish so long as it's miles over 185. Having attained an intraday high of 187.03, it now hovers about 187.02.

Technical Analysis:

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

  • Near-Term Resistance: Around 188, a breakout here could lead to targets at 188.50/189/190.
     
  • Immediate Support: At 185.40, if breached, the pair could fall to 184.50/183.65/183/182.48/181.80/180.80/180.

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


Overall, the indicators suggest a neutral trend

Trading Recommendation:

It is good to buy on dips around 186.58-60 with a SL around 185.80  for a TP of 189.45/190.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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