The EUR/JPY pair is currently trading at 164.24, marking a slight uptick of 0.16%. Market sentiment remains predominantly bullish, with buyers exerting significant influence, although indicators on the hourly chart suggest a potential loss of momentum.
On the daily chart, the Relative Strength Index (RSI) hovers around 60, indicating a positive market sentiment. The consistent upward trend in the RSI underscores the continued dominance of buyers. Similarly, the Moving Average Convergence Divergence (MACD) portrays a favorable outlook, with diminishing red bars signaling weakening negative momentum.
In the hourly timeframe, a similar bullish tone persists, albeit with indicators showing signs of waning strength. RSI levels remain in positive territory, fluctuating between 40 and 60 in recent hours but trending downwards. Conversely, the MACD displays flat green bars, indicating a steady buying momentum.
In a broader context, the EUR/JPY pair maintains a robust bullish stance, trading above both the 20-day and 200-day Simple Moving Averages (SMA). This reaffirms a strong long-term bullish position and aligns with the upward trajectory depicted by the RSI.
In summary, a comprehensive analysis of the EUR/JPY pair, encompassing both daily and hourly charts, yields a nuanced perspective. While buyers generally dictate market direction, as evidenced by the ascending RSI trend and presence of green MACD bars, occasional dips and slowdowns on the hourly chart suggest intermittent shifts in favor of sellers.
