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EUR/JPY Price Analysis: Bears lose ground and bulls reclaim the 20-day SMA

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EURJPY News

Crosses,Currencies,Technical Analysis

On Tuesday, the EURJPY rose by 0.36% to 166.35, and successfully secured a position above the key 20-day Simple Moving Average (SMA), alluding to the prevailing power of the bulls in the current market.

Despite the red flag hinted by the negative territory of the daily MACD, the buying momentum continues to strengthen. The hourly RSI and MACD reveal a consolidation phase in the market, indicating a temporary balance between buyers and sellers. The short-term outlook now favors the bulls as sellers failed to consolidate below the 20-day SMA. On Tuesday, the EURJPY rose by 0.36% to 166.

However, the MACD histogram remains stationary, printing flat red bars and emphasizing the lack of strong momentum on either side of the market. EUR/JPY hourly chart From a broader market perspective, EUR/JPY has exhibited a strong bullish posture. The pair has ascended above its 20-day Simple Moving Average , reinforcing the trend as it also stands above the 100 and 200-day SMAs.

Source: News Formal (newsformal.com)

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