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EURJPY Poised for Breakout: Bullish Outlook Intact Above 172.50 Support

EURJPY has been consolidating in a narrow range between 173.91 and 172.14 for the past five days. It hit a high of 173.44 yesterday and is currently trading at approximately 173.08. Intraday outlook remains bullish as long as support at 172.50 holds.

Technical Analysis:

The EUR/JPY pair is trading above  55 EMA, above 200, and  365-H EMA  on the 4-hour  chart.

  • Near-Term Resistance: Around 173.50, a breakout here could lead to targets at 173.90/175.
     
  • Immediate Support: At 172.50 if breached, the pair could fall to 171.80/170.80/169.70/169/168.70/168.45/168.

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

Overall, the indicators suggest a mixed trend

Trading Recommendation:

It is good to buy on dips around 172.68-70 with a stop loss at 172 for a TP of 175.

 

 

 

 

 

 

 

 

 

 

 

 

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