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Euro Jitters, Yen Holds: EUR/JPY Bulls Eye Highs Despite Trade War Tension

EURJPY showed a minor sell-off on Euro weakness. The euro declined against the US dollar as trade war uncertainty has increased safe-haven demand for a safe USD. It hits a high of 170.73 and is currently trading at approximately 170.376. Intraday outlook remains bullish as long as support  168.70 holds. Short-term outlook remains bullish as long as support 167.60 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 170.75, a breakout here could lead to targets at 171/172/173.
     
  • Immediate Support: At 169.85  if breached, the pair could fall to 169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.

    Indicator Analysis  1-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 169.50  with a stop loss at 168.70  for a TP of 173/175.

 

 

 

 

 

 

 

 

 

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