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Buy the Dip! EURJPY Offers New Entry for Bullish Traders

EURJPY is consolidating after hitting a multi-month high. It hit a high of 173.24 and is currently trading at approximately 172.125. Intraday outlook remains bullish as long as support at 170 holds. Short-term outlook remains bullish as long as support 167.60 holds.

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 172.50, a breakout here could lead to targets at 172.96/173.25/174.
     
  • Immediate Support: At 171.60  if breached, the pair could fall to 170.80/170/169.60/169/168.70/168.45/168/167.60 166.50/ 165.95/165.55/164.50/164.

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

Overall, the indicators suggest bullish trend

Trading Recommendation:

It is good to buy on dips around 171.75-80  with stop loss at 170.80  for a TP of 175.

 

 

 

 

 

 

 

 

 

 

 

 

 

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