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FxWirePro- EURJPY Trade Idea

The EUR/JPY surged above the 164 level on board-based Yen weakness. It hit a high of 164.17 and is currently trading around 163.99. Intraday outlook is bullish as long as the support of 162.75 holds.

Technical Analysis:

Technical Analysis:

The EUR/JPY pair is trading above    55 EMA,    200, and  365-H EMA  on the 1-hour  chart.

  • Near-Term Resistance: Around 164.20  a breakout here could lead to targets at 165/166/166.65/167.
     
  • Immediate Support: At 163.80 if breached, the pair could fall to  163/162.75/162/161.49/160.50/160/  159.25/158.85/158.25.

    Indicator Analysis 4-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 163.70-75 with stop loss at 163 for a TP of 166.50.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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