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EUR/JPY: Yen Strength Halts Rally, Bearish Bias Below 173.25

EURJPY pared most of its gains on the strong yen. It hits an intraday high of 172.93 and is currently trading at approximately 172.22. Intraday outlook remains bearish as long as the resistance at 173.25 holds. Short-term outlook remains bullish as long as support at 167.60 holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 172.50, a breakout here could lead to targets at 172.96/173.25/174.
     
  • Immediate Support: At 171.80 if breached, the pair could fall to 170.80/170/169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.

    Indicator Analysis  1-hour chart)

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to sell on rallies around 172.18-20  with a stop loss at 173.25  for a TP of 170.

 

 

 

 

 

 

 

 

 

 

 

 

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