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EUR/JPY: Yen Weakness Fuels Breakout, 166 in Sight?

EUR/JPY surged sharply on board-based yen weakness.  It hit an intraday high of 164.17 and is currently trading around 164.09.  Intraday outlook is bullish as long as the support  163 holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 164.20  a breakout here could lead to targets at 165/166/166.65/167.
     
  • Immediate Support: At 163.70 if breached, the pair could fall to  163.40/163/162.75/162/161.49/160.50/160/  159.25/158.85/158.25.

    Indicator Analysis 1-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 163.70-72 with stop loss at 163 for a TP of 166.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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