The EUR/JPY pair is seen holding comfortable grounds at 161.83, marking a gain of 0.31%.
RSI on the daily chart for EUR/JPY reveals growing buying momentum, while contrasting MACD may suggest a steady bearish sentiment. The hourly RSI near overbought condition may signal that the pair may consolidate in the next hours. On the shorter timeframes indicators gained significant ground and are near overbought territory which could mean the pair might consolidate in the next hours.
This reflects a potential consolidation phase for the remainder of the session. EUR/JPY hourly chart' In the broader scale technical outlook, despite the bears pulling the EUR/JPY pair below the 20-day Simple Moving Averages , it remains above both the 100 and 200-day SMAs. This indicates that the bulls continue to control the market on larger time frames.
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