EUR/JPY Price Analysis: Bearish momentum gains steam, long-term bullish signals warrant vigilance

Significant selling momentum is revealed in the daily chart as the RSI slips into negative zones while MACD signifies growing negative traction.
In line with the daily chart, the hourly indicators show mounting selling pressure.
The recent dip beneath the 20-day SMA may suggest a possible short-term bearish realignment.

Patricio Martín FXStreet

The EUR/JPY pair is currently trading around 162.85, representing a decline of 0.30% during Monday's session. Bearish cues are intensifying as seen in the increase in selling momentum, which signals a possible shift from the preceding bullish trend.

On the daily chart for EUR/JPY, the most recent Relative Strength Index (RSI) reading fell near negative territory. This situation tends to indicate a growing selling momentum. Concurrently, the Moving Average Convergence Divergence (MACD) histogram showcases rising red bars, implying a surge in negative momentum.

EUR/JPY daily chart

Assessing the hourly chart, the EUR/JPY pair showcases similar bearish sentiments. The RSI dipped near the oversold territory demonstrating the sellers' dominance in the market over the recent hours. Adding to this, the hourly MACD histogram reinforces this sentiment, illustrating rising red bars indicating a tilt towards negative momentum.

EUR/JPY hourly chart

Scrutinizing the broader outlook, EUR/JPY portrays a blend of bullish and bearish signals. A bullish stance manifests through its standing above the 100-day and 200-day Simple Moving Averages (SMA), revealing a positive trend for the pair in the long run. However, the cross has dipped just below the 20-day SMA today, inferring a potential bearish shift in the short term.

In summary, although the longer-term trends demonstrate a predominantly bullish stance for EUR/JPY, recent readings from both the daily and hourly charts suggest a possible shift towards a sellers' market which could fuel additional downward movements in case the buyers fail to step in.

EUR/JPY

Overview
Today last price	162.87
Today Daily Change	-0.38
Today Daily Change %	-0.23
Today daily open	163.25

Trends
Daily SMA20	162.87
Daily SMA50	161.87
Daily SMA100	160.51
Daily SMA200	159.12

Levels
Previous Daily High	163.43
Previous Daily Low	162.94
Previous Weekly High	164.42
Previous Weekly Low	162.94
Previous Monthly High	165.36
Previous Monthly Low	160.22
Daily Fibonacci 38.2%	163.13
Daily Fibonacci 61.8%	163.25
Daily Pivot Point S1	162.99
Daily Pivot Point S2	162.72
Daily Pivot Point S3	162.5
Daily Pivot Point R1	163.48
Daily Pivot Point R2	163.7
Daily Pivot Point R3	163.96

Author

Patricio Martín

FXStreet

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

GBP/USD climbs to two-day highs past 1.3200

GBP/USD picks up extra pace and surpasses the 1.3200 threshold on Thursday. That said, Cable manages to shrug off initial weakness and regain balance on the back of the fresh selling pressure hurting the Greenback.

EUR/USD stays consolidative around 1.1370

EUR/USD regains momentum and trades with modest gains around 1.1370 ahead of the opening bell in Asia. The pair sets aside three daily declines in a row and picks up pace on the back of the lacklustre performance of the US Dollar, particularly after US data failed to reinforce Fed rate hike bets.

Gold bounces from 2026 lows, remains pressured

Gold reverses part of its recent weakness on Thursday, managing to reclaim the area just above the $4,000 mark per troy ounce. The precious metal regains traction on the back of renewed selling interest in the Greenback, although expectations of rate hikes by the Fed are likely to keep buyers on the sidelines for now.

Three reasons to avoid buying Bitcoin at $60,000

Bitcoin (BTC) hovers around $62,000 on Thursday, recovering from a brief dip below $60,000 the previous day. Although dip buyers anticipate a rebound in BTC from its psychological support zone, bearish signals from the upcoming Bitcoin options expiry, Exchange Traded Funds (ETFs) outflows, and large-wallet investor activity warn that selling could snowball in the coming period.

Micron prints perfect, and now the chart has to answer

Memory’s biggest name just delivered the cleanest quarter of its life, and the most interesting thing about it is that the stock isn’t sure what to do with it. Micron closed out fiscal Q3 with revenue of $41.5 billion, up 346% on the year, a fifth straight record. Gross margin came in at 84.9%, up from 39% the same quarter a year ago. Earnings landed at $25.11 against a Street sitting near $20.49.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.