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.

Patricio Martín FXStreet

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

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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