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FxWirePro- EURJPY trade idea

EURJPY pared most of its gains on board-based Japanese yen buying. It hit a low of 160.11 yesterday and is currently trading around 160.35.

 

Technicals-

 

The pair trades below 34- and above 55 EMA in the hourly chart.

 

The near-term resistance is around 160.90, a breach above targets 161.50/162/162.89/163.85.  Major bullish continuation only above 163.87.The immediate support is at 159.80, any violation below will drag the pair to 158.95/158.

 

Indicator (hourly chart)

 

CCI (14)- Bearish

 

CCI (50)- Bearish

 

Average directional movement Index - bearish. All indicators confirm the bearish trend.

 

It is good to sell on rallies around 160.48-50 with SL around 161.15 for a TP of 158.

 

 

 

 

 

 

 

 

 

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