FxWirePro- EURJPY Trade Idea

Re-Test Level: 163.80-89

EUR/JPY is trading with no direction ahead of the US election result. It hit a high of 165.98 at the time of writing and is now trading around 165.88. The intraday outlook is bullish as long as the support level at 164.80 holds.

Technical Analysis

The pair is currently above the 34- and 55 EMA, as well as the 365 Hull moving average on the 4-hour chart.

Near-Term Resistance: Around 166.70. A breakout here could lead to targets of  167.47 (38.2% Fibonacci retracement from 175.41 and 154.40)/167.75(161.8% fib).

Immediate Support: At 164.80. If this level is breached, the pair could drop to 164/163, 162.70, 162, 161.80, 161.20, 160.65, 160, 159, or 158.35.

Indicator Analysis (4-hour chart)

1. CCI (50): Bullish
2. Average Directional Movement Index: Neutral

Overall, indicators suggest a neutral trend.

Trading Recommendation

Consider buying on dips around 164, with a stop loss at 163, aiming to take profit levels at 165.78 or 167.