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EUR/JPY Price Analysis: Bulls maintain the reign and step over the bears

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EURJPY News

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The EUR/JPY pair continues to exhibit strong momentum, displaying gains of 0.55% on Wednesday.

Indicators on the daily chart show a consistent rise in bullish momentum. On the hourly chart, the RSI reflects a more volatile picture with general positivity, yet the MACD shows a lack of sustained buying traction. With buyers maintaining dominance, the pair remains steadfast above its key Simple Moving Averages in both the short and long term, indicating the potential for a further upward move.

Whereas, the hourly MACD has registered flat red bars, indicating a lack of positive momentum in recent hours as investors seems to be taking profits. EUR/JPY hourly chart Reflecting on the broad spectrum, the EUR/JPY is currently positioned above its Simple Moving Average across the 20, 100, and 200-days. This indicates a strong upward momentum in both the short-term and long-term periods.

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