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EUR/JPY Eyes Breakout: Bulls Stay Upbeat Despite Tokyo CPI Weakness

EURJPY  trades after weak Tokyo CPI data. It hit a high of 173.17 yesterday and is currently trading at approximately 172.73. Intraday outlook remains bullish as long as support  171.68 holds. Short-term outlook remains bullish as long as support 167.60 holds.

Technical Analysis:

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

  • Near-Term Resistance: Around 173.25, a breakout here could lead to targets at 174/175.
     
  • Immediate Support: At 172.48 if breached, the pair could fall to 172/171.68/171.35/170.80/170.

    Indicator Analysis  1-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 172  with a stop loss at 171.35  for a TP of 173.25/174.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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