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EUR/JPY: Yen Strength Halts Gains, Bearish Intraday Below 172.25

EURJPY pared some of its gains on a strong yen. It hit a low of 170.28 yesterday and is currently trading at approximately 170.96. Intraday outlook remains bearish as long as the resistance at 172.25 holds. Short-term outlook remains bullish as long as support 167.60 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 171.60, a breakout here could lead to targets at 172/172.25/172.75/173.25/174.
     
  • Immediate Support: At 170.80 if breached, the pair could fall to 170/169.60/169/168.70/168.45/168.

    Indicator Analysis  (60-min chart):
  • CCI (50): Bearish
  • Average Directional Movement Index: Neutral

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to sell on rallies around 171.58-60with stop loss at 172.25  for a TP of 170/169.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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