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Dip buying in EURJPY

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Buying dips in EURJPY offers ample risk/reward.

 

Monthly: The long-term outlook is bearish for the cross with an Outside Month posted from February. The Ichimoku cloud capped buying. The Marabuzo level (mid-point form open and close) is located at 132.74

 

Daily: Levels below bespoke support at 129.58-45 continue to find buyers. We are close to a Demark exhaustion count on the daily chart.

 

Intraday (two-hours) – Another dip to our bespoke support could possibly form a bullish reverse Head and Shoulders pattern. Buying close to this zone (129.77-128.58) offers a good risk/reward set up. On a break of 132.00 the measured move would be 134.75

EURJPY IG 2.png

 

 

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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