EUR/JPY Price Analysis: Bearish short-term trend surfaces, bullish outlook holds for broader timeframe

Even though daily chart indicators reveal weakening momentum, the overall trend remains positive. In the hourly chart, the RSI deep in the negative area implies sellers are in charge during the day's trading. To maintain momentum, the bulls need to defend the 20-day SMA. In Thursday's session, the EUR/JPY pair is trading at around 163.40, experiencing a minor loss.

The latest value stands at 44, signaling sellers as dominant in the short-term movements. The MACD histogram, however, prints green bars which adds neutrality to the intraday outlook. EUR/JPY hourly chart In conclusion, despite the negative sentiment on the hourly chart, the daily and broader metrics suggest that bulls maintain control of the bigger picture. The main task fo the buyers is to defend the 20-day SMA at around 163.

Source: Digital Coin News (digitalcoinnews.net)

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