EUR/JPY Price Analysis: Bearish indications dominate and sellers consolidate below the 20-day SMA

The daily RSI and MACD reflect a negative trend, hinting at increasing selling pressure.
Hourly chart indicators echo the bearish sentiment, with RSI around the 40 level and MACD showing a lack of buying momentum.

Patricio Martín FXStreet

The EUR/JPY pair declined to 164.72 on Friday, reflecting subtle bears' influence with daily losses. Despite bearish signals in the daily short-term outlook, the pair's positioning above the key Simple Moving Averages (SMAs) hints at ongoing dominance by the buyers.

The daily chart reveals that the Relative Strength Index (RSI) fell into negative territory. The Moving Average Convergence Divergence (MACD) also depicts a bearish momentum with a series of rising red bars, suggesting that sellers are currently dominating the market.

EUR/JPY daily chart

On the hourly chart, RSI continues to suggest a negative trend, hovering around the 40 levels, flirting with the oversold threshold, and showcasing the dominance of the sellers. The hourly MACD shows flat green bars, indicating a lack of strong momentum in these shorter time frames.

EUR/JPY hourly chart

Considering the overall market posture, the EUR/JPY is positioned above its longer-term Simple Moving Average (SMA) of 100, and 200-day periods. This usually signals a bullish momentum in both the medium and long term. However, the fall of the 20-day SMA means that the short-term outlook is painted with bearishness, and bears might attempt to reclaim the 100-day SMA at 161.70, which would definitely worsen the technical outlook in case of conquering.

EUR/JPY

Overview
Today last price	164.67
Today Daily Change	-0.16
Today Daily Change %	-0.10
Today daily open	164.83

Trends
Daily SMA20	165.4
Daily SMA50	163.95
Daily SMA100	161.61
Daily SMA200	160.18

Levels
Previous Daily High	167.39
Previous Daily Low	164.22
Previous Weekly High	169.4
Previous Weekly Low	164.4
Previous Monthly High	171.6
Previous Monthly Low	162.28
Daily Fibonacci 38.2%	165.43
Daily Fibonacci 61.8%	166.18
Daily Pivot Point S1	163.57
Daily Pivot Point S2	162.32
Daily Pivot Point S3	160.41
Daily Pivot Point R1	166.74
Daily Pivot Point R2	168.64
Daily Pivot Point R3	169.9

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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