EUR/JPY Price Analysis: Bears show signs of presence, long-term bullish stronghold remains unchallenged

The daily chart reveals slightly bullish momentum, with RSI at 52, signifying resilient buying traction. Indicators in the hourly chart denote a mild downward trend, which could hint at a potential shift. Buyers must successfully maintain the main SMAs to mitigate bearish threats and ensure bullish continuation. Despite the declines, the broader momentum remains bullish, but this sentiment remains finely balanced and open to fluctuations.

The RSI values display a slight downward trend throughout the latest hours, reaching as low as 46. Alongside this, the consistently shrinking green bars of the MACD confirms the overall bearish momentum. EUR/JPY hourly chart In conclusion, while short-term indicators might show an inclination toward a sellers' market, it's important to note this is within a broader bullish context as seen on the daily chart. Buyers must step in and defend the 20-day SMA at 162.

Source: Digital Coin News (digitalcoinnews.net)

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