EUR/JPY Price Analysis: Buyers accelerate the pace eye cycle highs
- The daily chart reveals the RSI steady in positive zone, showing consistent bullish momentum.
- On the hourly chart, RSI and MACD persist in positive territory, indicating robust buying traction.
- If the bears don’t show up, the pair may be poised for a retest of the cycle highs above 170.00.
The EUR/JPY pair is steadily maintaining its upward trajectory, with a decisive rise to 167.64 in Thursday's session. Buyers consolidate near cycle highs while bears are nowhere to be seen.
On the daily chart, the Relative Strength Index (RSI) is noted in the positive territory. A consistent upward trend has unfolded over recent sessions, with the current RSI value at 59.8, showcasing continuous bullish momentum. Concurrently, the Moving Average Convergence Divergence (MACD) shows red bars decreasing in length, which suggests the decelerating negative momentum.
EUR/JPY Daily Chart
Ensuing examination of the hourly chart demonstrates a parallel bullish outlook. The hourly RSI values persistently float around the positive territory, with the recent reading at 64 seeming to consolidating after hitting overbought conditions. Additionally, the hourly MACD represents flat green bars, indicating steady positive momentum.
EUR/JPY Hourly Chart
Upon observing the Simple Moving Average (SMA), the EUR/JPY pair remains in a visibly secure territory. Both short- and long-term SMAs convey a sustained upward trajectory, indicating pronounced bullish momentum. Specifically, the pair secures its position above the 20, 100, and 200-day SMA, conveying a consistent bullish outlook.
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
