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EURJPY Targets 180 as Bullish Momentum Builds on Weak Yen

EURJPY hits a fresh monthly high on board-based yen weakness. Intraday remains bullish as long as support 176.60 holds. 

Technical Analysis:

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

  • Near-Term Resistance: Around 178.20, a breakout here could lead to targets at 178.80/180/183.
     
  • Immediate Support: At 177, if breached, the pair could fall to 176.60/175.70/175.20/174.60/174/173.

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

Overall, the indicators suggest a bullish trend

Trading Recommendation:

It is good to buy on dips around 177 with stop loss at 175.70 for a TP of 180.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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