The daily chart of the EUR/JPY reveals strong buying momentum, backed by positive RSI and MACD readings. Hourly chart indicators show a possible easing off from overbought status, potentially hinting at a nearing correction. In Monday's session, the EUR/JPY pair showed strong bullish momentum, registering a rise to 168.52, marking a favorable 0.45% shift.
A notable drop from approximately 80 to around 70 level, however, suggests a possible easing off from overbought status. Complementarily, the MACD on the hourly chart registers reducing green bars, implying a slowing pace of buying activity. EUR/JPY hourly chart Assessing the overall scenario, the EUR/JPY remains resilient around its Simple Moving Average clusters.
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