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FxWirePro- EURJPY Trade Idea

EUR/JPY gained sharply on board-based yen weakness.  It hits an  high of 164.67 and is currently trading around 164.34.  Intraday outlook is bullish  as long as the support 163 holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 165  a breakout here could lead to targets at 166/166.65/167.
     
  • Immediate Support: At 163.75 if breached, the pair could fall to 162.38/ 161.49/160.50/160/  159.25/158.85/158.25.

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

Overall, the indicators suggest bullish trend

Trading Recommendation:

It is good to buy on dips around 163.70 with sa top loss at 163 for a TP of 166.65.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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