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EUR/JPY: Sell on Rallies for Potential Downside to 160.10

EUR/JPY gained sharply from minor bottom 162.13. It hit an intra day high of 162.96 and is currently trading around 162.96.  Intraday outlook is bearish as long as the resistance 165 holds.

Technical Analysis:

The EUR/JPY pair is trading below   34, 55 EMA and above 200-H EMA  on the hourly chart.

  • Near-Term Resistance: Around 163.30  a breakout here could lead to targets at 163.70/164.20/165/166/166.65/167.
     
  • Immediate Support: At 162 if breached, the pair could fall to  161.49/160.50/160/  159.25/158.85/158.25.

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

Overall, the indicators suggest a bearish trend

Trading Recommendation:

It is good to  sell on rallies around 164 with a stop loss at 165.20 for a TP of 160.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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