- EUR/JPY peaked at 158.23, above the 20-day SMA, and then closed at 157.85.
- It seems that the bulls have no more gas left in the tank to continue advancing.
In Tuesday’s session, the pair EUR/JPY It failed to maintain its momentum, which saw it reach a high of 157.85, above the 20-day moving average (SMA) and close with slight gains at 157.85.
On the daily chart, the EUR/JPY pair continues to show signs of bullish exhaustion, making the technical outlook neutral to bearish. The Relative Strength Index (RSI) is showing a flat slope above its midline and suggests that the bullish momentum is slowly moderating. The Moving Average Convergence Indicator (MACD), which displays flat red bars, supports this statement. It is worth mentioning that the RSI has been in a bearish trend since early September and is aligned with the pair being constantly rejected by the 20-day SMA.
That said, the pair is above the 100-day and 200-day SMAs, highlighting the bulls’ continued dominance in the broader perspective.
Support levels: 157.00, 155.00, 154.60 (100-day SMA).
Resistance levels: 158.00 (20-day SMA), 158.50, 159.00.
EUR/JPY Daily Chart
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
