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EUR/JPY Technicals: Awaiting Breakout for Clear Direction

The EUR/JPY gained slightly as Euro showed a minor pullback. It hits an low of 161.17 yesterday and is currently trading around 1612.25. Intraday outlook is bullish as long as the support 160.95  holds.

Technical Analysis:

The EUR/JPY pair is trading below   34, below 55 EMA and above 200-4H EMA  on the 4- hour chart.

  • Near-Term Resistance: Around 162.70  a breakout here could lead to targets at 163/163.30/164.20/165/166.65/167.
     
  • Immediate Support: At 161 if breached, the pair could fall to 160.50/160/  159.25/158.85/158.25.

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

Overall, the indicators suggest Mixed  trend

Trading Recommendation:

It is good to buy on dips around 162 with stop loss at 161 for a TP of 163.20/164.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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