On Tuesday, the EUR/JPY pair continued to float around the 168.00 level, moving minorly negative as the pair continued sideways trading.
The daily MACD and RSI indicate decreased bearish momentum. A notable support threshold is holding up at 168.00, with recovery levels eyed at 169.70, around the 20-day SMA. Despite recent downturns, the broader bullish outlook remains sustained by the 100 and 200-day SMAs. Any potential recovery falls at the hands of the 20-day Simple Moving Average which is currently near the 169.70 mark, which acts as an upper boundary hurdle.
The fundamental stronghold arises from the 100 and 200-day SMAs present at approximately 164.00 and 161.00, which might provide defense against potential losses. To conclude, traders remain focused on the movements around the 168.00 support level and the 169.70 recovery hurdle. A breach either way may decide the direction of the upcoming sessions. EUR/JPY Overview Today last price 168.76 Today Daily Change -0.29 Today Daily Change % -0.17 Today daily open 169.05 Trends Daily SMA20 169.
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EUR/JPY Price Analysis: Bears assert their dominance, push the pair the below 20-day SMAIn Tuesday's session, the EUR/JPY pair endured significant selling pressure pushing below the cross below the strong support level of the 20-day Simple Moving Average (SMA) at 169.30, and touching a low of 168.50.
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