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FxWirePro- EURJPY Trade Idea

The EUR/JPY trades in a narrow range after a pullback of more than 500 pips. It hit a high of  160.66 yesterday and is currently trading around 159.42. The intraday outlook is bearish as long as the resistance 161.60 holds.

Technical Analysis:

The EUR/JPY pair is trading above the 34,55 EMA and 200-4H EMA in the 8-hour chart.

  • Near-Term Resistance: Around 160.75 a breakout here could lead to targets at 161.50/162/163/163.60/164/165/166.65/167
  • Immediate Support: At 158.50– if breached, the pair could fall to 156.80/156/155.49/155/154.40.

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

Overall, the indicators suggest a mixed  trend

Trading Recommendation:

It is good to sell on rallies around 159.75-80 with stop loss at 160.70 for a TP of 158 .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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