EUR/JPY Price Analysis: Bulls intervene and momentum grows

  • The daily chart analysis of EUR/JPY reveals strong buying momentum, as indicated by the RSI and MACD in positive territory.
  • On the daily and hourly chart, the MACD shows increasing buying traction, reinforcing the bullish trend.
  • The pair's position above the crucial simple moving averages indicates a prolonged bullish phase.

The EUR/JPY pair is currently trading at 164.78, with a daily gain of 0.28%. This suggests a probable continuation of the bullish phase, well positioned above the essential Simple Moving Averages (SMA). The current market stance indicates the dominance of buyers, and long positions look favorable.

On the daily chart, the Relative Strength Index (RSI) is in positive territory, around 62, close to the overbought zone, suggesting quite powerful buying pressure. At the same time, the moving average convergence divergence (MACD) shows ascending green bars, indicating positive momentum.

EUR/JPY daily chart

On the hourly chart, the RSI shows a similar bullish sentiment as its latest reading is recorded at 67. The MACD remains in line with the daily chart as it shows an emerging green bar, indicating reinforced positive momentum. This corroborates the dominance of buyers in this time frame as well.

EUR/JPY hourly chart

Taking the bigger picture into account, EUR/JPY appears to be in a strong position, standing above the 20-day, 100-day and 200-day SMA. The SMAs are crucial as positions above these levels suggest a predominant uptrend. The further above the SMA, the stronger the bullish sentiment.

EUR/JPY

Overview
Latest price today 164.8
Today Daily Change 0.44
Today Daily variation % 0.27
Today daily opening 164.36
Trends
daily SMA20 163.22
50 daily SMA 162.18
SMA100 daily 160.53
SMA200 Journal 159.28
Levels
Previous daily high 164.44
Previous daily low 163.49
Previous weekly high 164.92
Previous weekly low 162.61
Previous Monthly High 165.36
Previous monthly low 160.22
Daily Fibonacci 38.2 164.08
Fibonacci 61.8% daily 163.85
Daily Pivot Point S1 163.75
Daily Pivot Point S2 163.14
Daily Pivot Point S3 162.79
Daily Pivot Point R1 164.71
Daily Pivot Point R2 165.05
Daily Pivot Point R3 165.66

Source: Fx Street

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