The EUR/JPY slightly declined to 164.70 in Thursday’s session.
The RSI on the daily chart of EUR/JPY indicates sustained bullish momentum. Hourly chart shows an RSI below its mid-zone and MACD with rising red bars, pointing towards possible consolidation. The EUR/JPY's position above main SMAs underscores a strong bullish bias. That being said, the overall trend still favors the bulls but a consolidation phase, suggested by bears dominating the hourly chart, may create a balanced playing field for both buyers and sellers ahead of the Asian session.
The Moving Average Convergence Divergence displays rising red bars, also hinting at a temporary slowdown in the bullish momentum. EUR/JPY hourly chart Regarding the Simple Moving Average , the cross EUR/JPY holds strong above its 20, 100, and 200-day SMAs, indicating a bullish stance. That being said the pair must defend the 20-day SMA at 164.00 which is a strong support to maintain the positive short-term outlook. EUR/JPY Overview Today last price 164.56 Today Daily Change -0.
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