EUR/JPY Price Analysis: Pair stands neutral, 20-day SMA stands as a strong resistance

The daily MACD and RSI indicate decreased bearish momentum.
A notable support threshold is holding up at 168.00, with recovery levels eyed at 169.70, around the 20-day SMA.
Despite recent downturns, the broader bullish outlook remains sustained by the 100 and 200-day SMAs.

Patricio Martín FXStreet

On Tuesday, the EUR/JPY pair continued to float around the 168.00 level, moving minorly negative as the pair continued sideways trading. Any potential recovery falls at the hands of the 20-day Simple Moving Average (SMA) which is currently near the 169.70 mark, which acts as an upper boundary hurdle.

The daily Relative Strength Index (RSI) has nudged lower towards 50 maintaining a bearish aura. This, coupled with the continuing display of flat red MACD bars, construes potentially consolidative behavior amidst the ongoing neutral landscape. Hence, the market appears to be in a holding pattern pending a significant driver for more substantial moves.

EUR/JPY daily chart

That being said, the overarching bullish forces remain at play. The fundamental stronghold arises from the 100 and 200-day SMAs present at approximately 164.00 and 161.00, which might provide defense against potential losses.

To conclude, traders remain focused on the movements around the 168.00 support level and the 169.70 recovery hurdle. A breach either way may decide the direction of the upcoming sessions.

EUR/JPY

Overview
Today last price	168.76
Today Daily Change	-0.29
Today Daily Change %	-0.17
Today daily open	169.05

Trends
Daily SMA20	169.64
Daily SMA50	167.21
Daily SMA100	164.56
Daily SMA200	161.68

Levels
Previous Daily High	169.33
Previous Daily Low	168.3
Previous Weekly High	170.89
Previous Weekly Low	168.01
Previous Monthly High	170.8
Previous Monthly Low	164.02
Daily Fibonacci 38.2%	168.7
Daily Fibonacci 61.8%	168.94
Daily Pivot Point S1	168.46
Daily Pivot Point S2	167.87
Daily Pivot Point S3	167.44
Daily Pivot Point R1	169.48
Daily Pivot Point R2	169.92
Daily Pivot Point R3	170.5

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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