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EUR/JPY Rises on Strong Euro Demand

EURJPY trades higher on board-based Euro buying. It hits an intraday low 168.60  and is currently trading at approximately 169.36.The short-term outlook for this pair is favorable, provided it stays above 167.60 holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 170 a breakout here could lead to targets at 170/171/172.
     
  • Immediate Support: At 168.50  if breached, the pair could fall  to 167.60 166.50/ 165.95/165.55/164.50/164.

    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 169   with stop loss at 168  for a TP of 171/172.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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