EUR/JPY Price Analysis: Bulls maintain the reign and step over the bears

Indicators on the daily chart show a consistent rise in bullish momentum.
On the hourly chart, the RSI reflects a more volatile picture with general positivity, yet the MACD shows a lack of sustained buying traction.

Patricio Martín FXStreet

The EUR/JPY pair continues to exhibit strong momentum, displaying gains of 0.55% on Wednesday. With buyers maintaining dominance, the pair remains steadfast above its key Simple Moving Averages (SMAs) in both the short and long term, indicating the potential for a further upward move. The latest downward movements may have been only corrective as bears lacked the conviction to hold the pair below the 20-day SMA and buyers recovered ground.

On the daily chart, the Relative Strength Index (RSI) reveals a positive trend. The most recent value of 58 suggests that buyers have been dominating the market while the Moving Average Convergence Divergence (MACD) histogram shows green bars, indicating a consistent rise in positive momentum.

EUR/JPY daily chart

Shifting the focus to the hourly RSI, a more volatile picture is displayed. Values have fluctuated, generally remaining positive, with the latest reading at 69 near the overbought terrain. Whereas, the hourly MACD has registered flat red bars, indicating a lack of positive momentum in recent hours as investors seems to be taking profits.

EUR/JPY hourly chart

Reflecting on the broad spectrum, the EUR/JPY is currently positioned above its Simple Moving Average (SMA) across the 20, 100, and 200-days. This indicates a strong upward momentum in both the short-term and long-term periods.

In conclusion, the daily and hourly technical indicators and a notable position above the SMA suggest an overall bullish outlook for the pair. However, the contrast in the hourly MACD with the daily trends urges traders to exercise caution as buyers may take their foot off the gas ahead of the Asian session which would pave the way for some downside.

EUR/JPY

Overview
Today last price	167.24
Today Daily Change	0.87
Today Daily Change %	0.52
Today daily open	166.37

Trends
Daily SMA20	165.54
Daily SMA50	164.09
Daily SMA100	161.89
Daily SMA200	160.32

Levels
Previous Daily High	166.57
Previous Daily Low	165.64
Previous Weekly High	171.6
Previous Weekly Low	164.02
Previous Monthly High	171.6
Previous Monthly Low	162.28
Daily Fibonacci 38.2%	166.22
Daily Fibonacci 61.8%	166
Daily Pivot Point S1	165.82
Daily Pivot Point S2	165.26
Daily Pivot Point S3	164.89
Daily Pivot Point R1	166.75
Daily Pivot Point R2	167.12
Daily Pivot Point R3	167.68

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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