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EUR/JPY Weakness Persists: Sell on Rallies for Potential Profit

EUR/JPY trades weak despite strong Euro. It hit a low of 162.65 and is currently trading around 162.91.  Intraday outlook is bearish as long as the resistance 165 holds.

Technical Analysis:

The EUR/JPY pair is trading below   55 EMA,  200, and 365-H EMA  on the 1-hour  chart.

  • Near-Term Resistance: Around 163.40  a breakout here could lead to targets at 163.70/164.20/165/166/166.65/167.
     
  • Immediate Support: At 162.85 if breached, the pair could fall to  162/161.49/160.50/160/  159.25/158.85/158.25.

    Indicator Analysis 1-hour chart):
  • CCI (50): Bearish
     
  • Average Directional Movement Index: Bearish

Overall, the indicators suggest a bearish trend

Trading Recommendation:

It is good to sell on rallies around 163.05-08 with a stop loss at 163.60 for a TP of 161.67.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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