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EUR/JPY Soars: Euro Pullback Fuels Bullish Outlook

EURJPY gained sharply  as euro shows a massive pullback. It hits an intraday high of 167.59 and is currently trading at approximately 167.59. The short-term outlook for this pair is favorable, provided it stays above 165.95.

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 167.67  a breakout here could lead to targets at 168/170.
     
  • Immediate Support: At 166.60 if breached, the pair could fall to 165.95/165.55/164.50/164.

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

Overall, the indicators suggest bullish trend

Trading Recommendation:

It is good to buy on dips around 166.78-80 with stop loss at 165.95 for a TP of 170.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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