EUR/JPY Price Analysis: Bears hold short-term dominance, bulls must defend the 20-day SMA

Indicators on the daily chart signal a possible shift toward negative momentum. The hourly chart shows RSI and MACD somewhat recovering in negative territory. Bulls need to maintain the 20-day SMA securely to fend off further dips. In Wednesday's session, EUR/JPY is trading with mild losses at 163.75. Despite uncertainties, the broader market sentiment appears to favor the buyers, given the pair's dominant position above its key Simple Moving Averages of 20,100 and 200 days.

EUR/JPY daily chart Regarding the hourly chart, the RSI values display a positive slope, signaling increased buying momentum. The lowest peak at 31 clearly shows that market sentiment has shifted to a bearish stance on Wednesday but in the meantime, indicators seem to be consolidating. Furthermore, the MACD) histogram's red bars confirm the presence of negative momentum. EUR/JPY hourly chart EUR/JPY Overview Today last price 163.72 Today Daily Change -0.44 Today Daily Change % -0.

Source: Digital Coin News (digitalcoinnews.net)

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