In Wednesday's session, the EUR/JPY pair witnessed a shift in momentum as buyers stepped in to recover the 20-day Simple Moving Average (SMA) at 169.40, supported by a recovery in the Yen against its peers.
The daily RSI has shifted its course upwards, backed by the flat red bars on the MACD. Buyers stepped in to recover 20-Day SMA, shifting the short-term outlook from bearish to neutral. The underlying bullish trend is still safeguarded by the 100 and 200-day SMAs. In Wednesday's session, the EUR/JPY pair witnessed a shift in momentum as buyers stepped in to recover the 20-day Simple Moving Average at 169.40, supported by a recovery in the Yen against its peers.
00, respectively, still serve as a barrier to any prolonged downside movements. While sellers have made significant ground in previous sessions, these movements could be corrective rather than trend-reversing. Although the cross managedto recover ground, the picture could quickly shift back to bearish if the cross fails to hold the recently-gained 169.40 resistance level.
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