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EUR/JPY Price Analysis: Bullish outlook prevails, despite sharp losses

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The EUR/JPY pair demonstrates resilience, bouncing back after encountering stern resistance at around the pivotal 165.50 landmark.

The daily RSI of the EUR/JPY transitioned from its overbought threshold to near 60. In the hourly chart, the RSI reveals intense short-term bearish momentum, with the MACD also depicting increased negative bias. Any move below the primary SMAs could alter the bullish trend. Having faced a downward momentum of 0.90%, the pair skillfully remains above key Simple Moving Averages , underlining the persistent bullish sentiment.

This situation highlights possible downward momentum, aligning with the downward trend depicted on the Moving Average Convergence Divergence histogram, currently showing rising red bars, denoting strengthened negative momentum. EUR/JPY hourly chart Broadening the perspective, the EUR/JPY pair is positioned above the 20-day Simple Moving Average , having just bounced back strongly after meeting resistance at the crucial 165.50 level.

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