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FxWirePro: EUR/JPY breaks out of weekly cloud, scope for test of 141 levels, good to long dips

  • EUR/JPY has shown a breakout above weekly Ichimoku cloud, we see scope for further upside.
     
  • Technical studies support upside. Momentum studies are bullish. RSI strength seen at 65 levels with room to run further.
     
  • MACD is biased higher, supporting trend higher. We see +ve DMI dominance and ADX also supports current uptrend.
     
  • We see scope for test of 141 levels which is converged trendline and 61.8% Fib retrace of 169.968 to 94.114 fall.
     
  • Breakout at 141 could propel the pair higher. Next bull target above 140 lies at 145.32 (2015 highs).

Support levels - 135.35 (20-DMA), 134 (trendline), 133.55 (100-DMA)

Resistance levels - 139 (Aug 2015 high), 140, 141 (converged trendline and 61.8% Fib retrace of 169.968 to 94.114 fall)

Recommendation: Good to go long on dips around 136, SL: 134, TP: 139/ 141/ 145.

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February 21 19:00 UTC Released

ARTrade Balance

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-986 %

Forecast

-464 %

Previous

-847 %

February 21 15:30 UTC Released

BRForeign Exchange Flows

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1.92 Bln USD

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Previous

2.251 Bln USD

January 31 00:00 UTC 3140031400m

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January 22 19:00 UTC 4322043220m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 3140031400m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 4322043220m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 3140031400m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 3140031400m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 3140031400m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

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