EUR/JPY Price Analysis: Bearish pressure holds steady, bullish recovery uncertain

The daily chart indicators suggest that overall selling pressure remains steady despite daily gains.
On the hourly chart, indicators send mixed signals.
The pair defending the 100-day SMA contributes to the overall outlook remaining bullish.

Patricio Martín FXStreet

In Tuesday's trading session, EUR/JPY is trading roughly around 161.27, with a daily gain of 0.44%. Despite recent selling pressures, the pair maintains a position above critical support levels, hinting at an overall bullish power. In the short term, the sellers seem to have a stronger grip, as the pair struggles below the 20-day Simple Moving Average (SMA).

On the daily chart, the EUR/JPY's Relative Strength Index (RSI) is currently in negative territory. This implies that the selling pressure has been dominating the market in recent sessions. This trend is underscored by the red bars observed in the Moving Average Convergence Divergence (MACD), indicating negative but weakening momentum. Despite this, the pair is still above its key 100 and 200-day SMAs, pointing to broader bullish control.

EUR/JPY Daily Chart

Switching focus to the hourly chart, the RSI has been moving within positive territory. On the other hand, the MACD is printing decreasing green bars, which suggests a slightly tapering bullish momentum. This aligns with the slope of the RSI which seems to have flattened during the American session.

EUR/JPY Hourly Chart

EUR/JPY

Overview
Today last price	161.32
Today Daily Change	0.78
Today Daily Change %	0.49
Today daily open	160.54

Trends
Daily SMA20	162.29
Daily SMA50	160.69
Daily SMA100	160.05
Daily SMA200	158.39

Levels
Previous Daily High	160.99
Previous Daily Low	160.22
Previous Weekly High	163.52
Previous Weekly Low	160.56
Previous Monthly High	163.72
Previous Monthly Low	158.08
Daily Fibonacci 38.2%	160.51
Daily Fibonacci 61.8%	160.69
Daily Pivot Point S1	160.18
Daily Pivot Point S2	159.81
Daily Pivot Point S3	159.4
Daily Pivot Point R1	160.95
Daily Pivot Point R2	161.35
Daily Pivot Point R3	161.72

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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