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EUR/JPY Faces Triple Top Test: Sell Rallies Amid Mixed Signals

EUR/JPY Faces Triple Top Test: Sell Rallies Amid Mixed Signals

EURJPY formed a triple top near 169.62-85 and declined slightly. It hits an intraday high of 169.62 and is currently trading at approximately 169.34. Intraday outlook remains weak as long as the resistance at 170 holds. Short-term outlook remains bullish as long as support 167.60 holds.

Technical Analysis:

The EUR/JPY pair is trading above  55 EMA,  200, and  365-H EMA  on the 15-min  chart.

  • Near-Term Resistance: Around 169.85, a breakout here could lead to targets at 170/171/172.
     
  • Immediate Support: At 169.15  if breached, the pair could fall to 168.45/168/167.60, 166.50/ 165.95/165.55/164.50/164.

    Indicator Analysis  15 min chart):
  1. CCI (50): Bullish
  2. Average Directional Movement Index: Neutral

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to sell on rallies around 169.48-50  with a stop loss at 170  for a TP of 168.

 

 

 

 

 

 

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