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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 347332, member: 106971"] [URL='https://fxglory.com/2024/05/06/eurjpy-technical-analysis-for-06-05-2024/'][B]EURJPY Technical Analysis for 06.05.2024[/B][/URL][B] [ATTACH type="full"]60866[/ATTACH] Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The EUR/JPY technical analysis for the 4-hour timeframe suggests a potential short-term bullish reversal amid broader bearish sentiment. Recent price action indicates a pullback, with the last few candles closing higher, hinting at a temporary recovery. However, the price remains below a thickening Ichimoku cloud, indicating resistance overhead and a prevailing medium-term bearish outlook. Key technical indicators such as the MACD line, RSI, and standard deviation suggest mixed sentiment, with signs of potential upward momentum but moderate market volatility. Support lies around 164.480, while resistance is seen near 168.290 and the lower boundary of the Ichimoku cloud. Traders should closely monitor upcoming economic releases, including Spanish unemployment change, French and German PMIs, and German trade balance, as well as speeches from European central bank officials. These events could introduce volatility and influence EUR/JPY dynamics, potentially testing resistance levels if positive or reinforcing the bearish trend if negative. Risk management is paramount, and traders are advised to conduct thorough research and analysis before making any trading decisions. The analysis provided is for informational purposes only and does not constitute investment advice. [B]Disclaimer:[/B] The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B]FxGlory 06.05.2024[/B] [ATTACH type="full" width="959px"]60867[/ATTACH] [/QUOTE]
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