The EUR/JPY pair is trading at 164.25 and has decreased by 0.30% in Wednesday’s session.
The daily RSI for EUR/JPY reveals a possible reduction in positive market momentum, signifying diminishing buyers' influence. The hourly indicators suggest a growing selling pressure. Despite being positioned above its key Simple Moving Averages , the pair is experiencing a potential shift in momentum from bulls to bears with technical indicators losing traction. On the daily chart, the Relative Strength Index for the pair is positioned in positive territory but points down.
EUR/JPY hourly chart Inspecting the broader outlook, the EUR/JPY demonstrates considerably bullish signals. It stands above the 20-day, 100-day, and 200-day Simple Moving Averages . Such a position typically signifies a strong and resilient upward trend for both short-term and long-term scenarios. However, today's significant movements must be taken into account. Notably, the pair is challenging the 20-day SMA at the 163.72 mark.
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