EUR/JPY bears lose steam and bulls dictate the pace

The EUR/JPY is currently rallying upwards, standing at 162.90.
Daily chart indicators show bullish momentum.
After the break from the bears after a four-day slump, an underlying bullish control is evident.

Patricio Martín FXStreet

In Wednesday's session, the EUR/JPY rose to 162.90, up by 0.70%. The pair's current situation on the daily chart leans neutral to bearish, with sellers taking a breather following a four-day losing streak. Nonetheless, stronger bullish momentum is being observed on the four-hour chart.

Buying momentum seems to be the dominating force when considering the daily chart indicators. The pair is positively positioned, showing an upward movement above its 20,100,200-day Simple Moving Averages (SMAs). Additionally, the Relative Strength Index (RSI) trajectory remains positive, highlighting further support for continuing a buying trend. Flat green bars on the Moving Average Convergence Divergence (MACD) complement this, reflecting a largely static yet bullish positioning.

Zooming into the shorter time frame, the four-hour chart extends this bullish narrative. The positive slope and territory of the four-hour RSI indeed affirm that buying momentum dominates. Similarly, the MACD’s flat green bars remain consistent, indicating sustained buying pressure.

It's significant to note that the bears appear to be on a temporary standby, with their selling momentum showing signs of losing steam after a four-day losing streak. This could be indicative of a short-term bullish outlook, thereby reinforcing that the bulls hold the upperhand.

Support Levels: 162.50, 161.30 (20-day SMA), 160.00.
Resistance Levels: 163.00, 163.50, 164.00.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	162.89
Today Daily Change	0.97
Today Daily Change %	0.60
Today daily open	161.92

Trends
Daily SMA20	161.06
Daily SMA50	159.08
Daily SMA100	158.12
Daily SMA200	152.93

Levels
Previous Daily High	162.43
Previous Daily Low	161.25
Previous Weekly High	164.31
Previous Weekly Low	161.54
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	161.7
Daily Fibonacci 61.8%	161.98
Daily Pivot Point S1	161.3
Daily Pivot Point S2	160.69
Daily Pivot Point S3	160.13
Daily Pivot Point R1	162.48
Daily Pivot Point R2	163.04
Daily Pivot Point R3	163.66

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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