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EURJPY Holds Steady Above 177: Buy Dips for a Possible Rally to 179

EURJPY holds above the 177 level as the Euro showed a minor pullback. It hits an intraday high of 177.21and is currently trading around 177.01. Intraday remains bearish as long as the resistance at 177.25  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 177.50, a breakout here could lead to targets at 178/178.80/179/180/183.
     
  • Immediate Support: At 176.60, if breached, the pair could fall to 176.60/175.20/174.60/174/173.

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

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 176.68-70 with a stop loss at 175.70 for a TP of 179.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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