The EUR/JPY pair is currently trading at 163.80, indicating a rise of 0.46%.
The daily EUR/JPY chart reveals a cautiously optimistic tone, despite a somewhat weakened RSI. Indicators on the hourly chart also suggest weakening buying momentum. If bulls fail to recapture the 20-day SMA, additional downside may be incoming. The cross maintains a positive long-term outlook, despite the short-term bearish impulses from sellers which breached through the 20-day Simple Moving Average .
EUR/JPY hourly chart From a broader perspective, the EUR/JPY is giving mixed signals. Notably, it has fallen below its 20-day Simple Moving Average today which may be seen as a bearish short-term indicator. However, it stays above both its 100-day and 200-day SMAs, suggesting a persisting long-term bullish trend. In summary, the technical indicators on both the daily and hourly charts present a mixed outlook for the EUR/JPY pair.
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