The EUR/JPY pair continues to exhibit strong momentum, displaying gains of 0.55% on Wednesday. With buyers maintaining dominance, the pair remains steadfast above its key Simple Moving Averages (SMAs) in both the short and long term, indicating the potential for a further upward move. The latest downward movements may have been only corrective as bears lacked the conviction to hold the pair below the 20-day SMA and buyers recovered ground.
On the daily chart, the Relative Strength Index (RSI) reveals a positive trend. The most recent value of 58 suggests that buyers have been dominating the market while the Moving Average Convergence Divergence (MACD) histogram shows green bars, indicating a consistent rise in positive momentum.
Shifting the focus to the hourly RSI, a more volatile picture is displayed. Values have fluctuated, generally remaining positive, with the latest reading at 69 near the overbought terrain. Whereas, the hourly MACD has registered flat red bars, indicating a lack of positive momentum in recent hours as investors seems to be taking profits.
Reflecting on the broad spectrum, the EUR/JPY is currently positioned above its Simple Moving Average (SMA) across the 20, 100, and 200-days. This indicates a strong upward momentum in both the short-term and long-term periods.
In conclusion, the daily and hourly technical indicators and a notable position above the SMA suggest an overall bullish outlook for the pair. However, the contrast in the hourly MACD with the daily trends urges traders to exercise caution as buyers may take their foot off the gas ahead of the Asian session which would pave the way for some downside.
Overview | |
---|---|
Today last price | 167.24 |
Today Daily Change | 0.87 |
Today Daily Change % | 0.52 |
Today daily open | 166.37 |
Trends | |
---|---|
Daily SMA20 | 165.54 |
Daily SMA50 | 164.09 |
Daily SMA100 | 161.89 |
Daily SMA200 | 160.32 |
Levels | |
---|---|
Previous Daily High | 166.57 |
Previous Daily Low | 165.64 |
Previous Weekly High | 171.6 |
Previous Weekly Low | 164.02 |
Previous Monthly High | 171.6 |
Previous Monthly Low | 162.28 |
Daily Fibonacci 38.2% | 166.22 |
Daily Fibonacci 61.8% | 166 |
Daily Pivot Point S1 | 165.82 |
Daily Pivot Point S2 | 165.26 |
Daily Pivot Point S3 | 164.89 |
Daily Pivot Point R1 | 166.75 |
Daily Pivot Point R2 | 167.12 |
Daily Pivot Point R3 | 167.68 |
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