The EUR/JPY currency pair witnessed a significant decline on Friday, losing 0.72% to reach a low of 163.10.
EUR/JPY sank on Friday to near 163.10after a 0.72% decline on the day. Pair's price action plunged to 163.00 after facing rejection at the 164.00 SMA. The MACD and RSI technical indicators signaled increasing selling pressure, contributing to the pair's downtrend. Prior to this drop, the pair faced resistance at the 164.00 Simple Moving Average , which contributed to its downward movement.
The technical indicators employed in this analysis, namely the Moving Average Convergence Divergence and Relative Strength Index , further underscore the bearish sentiment surrounding the EUR/JPY pair. The MACD histogram's red coloration and increasing size point to rising selling pressure, corroborated by the MACD line's position below the signal line.
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