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FxWirePro- EURJPY Trade Idea

 EUR/JPY trades flat ahead of German CPI data.  It hits an  intraday high of 162.48 and is currently trading around 162.38. Intraday outlook is bullish  as long as the support 160.95  holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 163.20  a breakout here could lead to targets at 163.75/164.20/165/166.65/167.
     
  • Immediate Support: At 161.70 if breached, the pair could fall to 161.49/160.50/160/  159.25/158.85/158.25.

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

Overall, the indicators suggest Mixed  trend

Trading Recommendation:

It is good to  sell on rallies around 163.20 with stop loss at 164.20 for a TP of 160.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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