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EURJPY Rockets to 16-Year High: Yen Falters Amid Japan's Political Chaos

EURJPY hits a 16-year high as yen loses momentum due to political crisis in Japan. It hits an intraday high of 177.65 and is currently trading at approximately 177.59. Intraday outlook remains bullish as long as support 176 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 178,a breakout here could lead to targets at 179.54/180.
  • Immediate Support: At 176.90, if breached, the pair could fall to 176/175/173.78/173/171.80/170.80/169.70.

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

Overall, the indicators suggest a Bullish trend

Trading Recommendation:

It is good to buy on dips around 176.78-80 with a stop loss at 176 for a TP of 180. 176.25/178.

 

 

 

 

 

 

 

 

 

 

 

 

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