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EUR/JPY Bulls Charge Despite Yen Strength: Buy the Dip at 173.50

EURJPY pared some of its gains on the strong yen.   It hits an intraday low of 173.48 and is currently trading at approximately 173.891. Intraday outlook remains bullish  as long as support 173 holds.

Technical Analysis:

The EUR/JPY pair is trading above  55 EMA, 200, and  365-H EMA  on the 4-hour  chart.

  • Near-Term Resistance: Around 174.20,a breakout here could lead to targets at 174.48/175/176.
     
  • Immediate Support: At 173 if breached, the pair could fall  to 172.50-/171.80/170.80/169.70/169/168.70/168.45/168.

    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 173.48-50 with a stop loss at 173 for a TP of 175.

 

 

 

 

 

 

 

 

 

 

 

 

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