In Monday's session, a weak Yen against its rivals caused the EUR/JPY pair to slip to 170.30.
The daily RSI has shifted downwards and with the MACD showing increasing red bars pointing to a slowdown in upward momentum. On the hourly chart, indicators suggest moderate bullish momentum, supported by an increasing RSI and green bars in the MACD. The 20-day SMA at 169.22 serves as a critical support level for the pair to consolidate. In Monday's session, a weak Yen against its rivals caused the EUR/JPY pair to slip to 170.30.
Nevertheless, because the pair is hovering in the overbought zone, the upward move may be short-lived. EUR/JPY hourly chart Meanwhile, the pair continues to trade above the significant support level of the 20-day Simple Moving Average . Should the position fall below this support level, sellers may meet further resistance at the 100 and 200-day SMAs, providing a safety barrier at around 164.00 and 161.00.
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