EUR/JPY Price Analysis: Bears show signs of presence, long-term bullish stronghold remains unchallenged


  • The daily chart reveals slightly bullish momentum, with RSI at 52, signifying resilient buying traction.
  • Indicators in the hourly chart denote a mild downward trend, which could hint at a potential shift.
  • Buyers must successfully maintain the main SMAs to mitigate bearish threats and ensure bullish continuation.

The EUR/JPY pair is currently trading at 163.13, exhibiting minimal losses. Despite the declines, the broader momentum remains bullish, but this sentiment remains finely balanced and open to fluctuations.

On the daily chart, the EUR/JPY pair indicates signs of a relatively positive to neutral momentum. The Relative Strength Index (RSI) has maneuvered within the positive territory over the most recent sessions, with the latest reading positioned at 52. This reading suggests a slightly bullish momentum, yet potentially susceptible to changes in market sentiment. Meanwhile, the red bar on the Moving Average Convergence Divergence (MACD) histogram suggests negative momentum, signaling that the sellers might be gearing up.

EUR/JPY daily chart

Shifting focus onto the hourly chart, fluctuations are more noticeable. The RSI values display a slight downward trend throughout the latest hours, reaching as low as 46. Alongside this, the consistently shrinking green bars of the MACD confirms the overall bearish momentum.

EUR/JPY hourly chart

In conclusion, while short-term indicators might show an inclination toward a sellers' market, it's important to note this is within a broader bullish context as seen on the daily chart. Buyers must step in and defend the 20-day SMA at 162.85 to leave the overall bullish trend intact.

EUR/JPY

Overview
Today last price 163.16
Today Daily Change -0.12
Today Daily Change % -0.07
Today daily open 163.28
 
Trends
Daily SMA20 162.84
Daily SMA50 161.83
Daily SMA100 160.5
Daily SMA200 159.08
 
Levels
Previous Daily High 163.87
Previous Daily Low 163.14
Previous Weekly High 165.36
Previous Weekly Low 161.95
Previous Monthly High 163.72
Previous Monthly Low 158.08
Daily Fibonacci 38.2% 163.42
Daily Fibonacci 61.8% 163.59
Daily Pivot Point S1 162.98
Daily Pivot Point S2 162.69
Daily Pivot Point S3 162.25
Daily Pivot Point R1 163.72
Daily Pivot Point R2 164.16
Daily Pivot Point R3 164.46

 

 

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