In Wednesday's session, the EUR/JPY pair retreated slightly to 170.29, demonstrating an immediate dampening of the bullish momentum.
The daily RSI and MACD are edging downwards but remain in positive territory hinting at a possible consolidation phase that could be brief. On the hourly chart, indicators have shifted into the negative zone, further pointing towards an ongoing correction phase. The EUR/JPY's position above main SMAs keeps a long-term bullish sentiment alive despite the recent pullback. In Wednesday's session, the EUR/JPY pair retreated slightly to 170.
EUR/JPY daily chart On the hourly chart, both RSI and MACD have now edged into the negative zone, corroborating with the indication of an ongoing corrective phase, which is likely response to recent gains. EUR/JPY hourly chart Notably, the current position of the EUR/JPY pair above the 20-day SMA at 168.45, though threatened, maintains the short-term bullish sentiment. Any movements below this could, however, fundamentally shift the bullish scenario.
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