EUR/JPY Price Analysis: Bullish push persists, eyes on waning momentum

Flattening indicators on the daily chart may signal a period of consolidation.
The flat RSI slope and falling MACD bars on the hourly chart translate into a neutral sentiment for the session.

Patricio Martín FXStreet

The EUR/JPY currency pair stands at 164.71, reflecting a persistent bullish upsurge as it cleared daily losses and defended the 20-day Simple Moving Averages (SMA). However, caution is warranted considering the shifting market environment as the flattening momentum, revealed on the daily and hourly chart may cool down the bullish outlook.

On the daily chart, the Relative Strength Index (RSI) pair is trending positive, at 58 but flattened. Simultaneously, the Moving Average Convergence Divergence (MACD) reveals red bars, hinting at a steady selling pressure.

EUR/JPY daily chart

Taking into account the hourly chart, the latest RSI value is just above the middle ground at 53, also with a flat slope. This signifies neutrality within the market. Meanwhile, the MACD decreasing green bars, signaling a potential slowdown in the upward pressure.

EUR/JPY hourly chart

In light of the recent market conditions, the EUR/JPY lies above its 20,100, and 200-day SMA, depicting a sturdy ascending pattern in its broader outlook. It suggests the pair have shown resilience in maintaining the bullish momentum both from a short-term and long-term perspective. On Friday, the cross held onto the 20-day SMA at 164.00, suggesting that the bulls remain resilient. Essentially, if the pair continues to stay above the SMA's, it could extend its upward trajectory, enhancing its technical stance in the forthcoming sessions.

EUR/JPY

Overview
Today last price	164.64
Today Daily Change	0.05
Today Daily Change %	0.03
Today daily open	164.59

Trends
Daily SMA20	164.02
Daily SMA50	163.02
Daily SMA100	160.71
Daily SMA200	159.65

Levels
Previous Daily High	164.96
Previous Daily Low	164.35
Previous Weekly High	165.18
Previous Weekly Low	162.28
Previous Monthly High	165.36
Previous Monthly Low	160.22
Daily Fibonacci 38.2%	164.58
Daily Fibonacci 61.8%	164.73
Daily Pivot Point S1	164.31
Daily Pivot Point S2	164.03
Daily Pivot Point S3	163.71
Daily Pivot Point R1	164.91
Daily Pivot Point R2	165.23
Daily Pivot Point R3	165.51

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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