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EUR/JPY Price Analysis: Bulls prevail in the short-term sphere, investors start to take profits

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EURJPY News

Crosses,Technical Analysis

The EUR/JPY is changing hands at 164.74, up by 0.28%. The buyers demonstrate a stronghold in the market, which has led to ascending buying momentum.

Indicators from the hourly chart show that buyers are taking profits. As long as the cross holds above its main SMAs, the outlook will be positive. On the hourly chart, indicators are correcting oversold conditions so the upside might be limited for the immediate short term. On the daily chart, the Relative Strength Index currently situated in the positive territory, suggests a strong prevalence of buyers in the market.

EUR/JPY hourly chart The broader market outlook harbors mixed signals as the EUR/JPY hovers above the 20, 100, and 200-day Simple Moving Averages which implies that the overall trends continue to be bullish. In summary, although indicators advocate for a bullish bias, a close observation of short-term bearish signals emitted by the declining RSI on the hourly chart is crucial. EUR/JPY Overview Today last price 164.63 Today Daily Change 0.26 Today Daily Change % 0.16 Today daily open 164.

Crosses Technical Analysis

 

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