- EUR/JPY traded neutral in the session on Wednesday and remains around 164.00.
- The major simple moving averages converged towards the 164.00-165.00 area, forming a resistance zone that has been difficult for bulls to break.
- The MACD and RSI were giving conflicting signals, suggesting that the outlook was mixed.
EUR/JPY was seen around 164.00 on Wednesday’s session, with indicators sending mixed signals. The 164.00-165.00 area remains crucial for short-term direction.
The technical outlook for EUR/JPY is mixed. The Relative Strength Index (RSI) is in positive territory at 51, but its flat slope suggests that buying pressure is flat. The Moving Average Convergence/Divergence Indicator (MACD) is red and rising, suggesting that selling pressure is increasing. The overall outlook is mixed, with the RSI and MACD giving conflicting signals.
The 164.00-165.00 range serves as a crucial resistance zone, while flat RSI buying pressure and rising MACD selling pressure create uncertain momentum. Traders should closely monitor whether the bulls can break this resistance area to confirm an uptrend, or whether the bears push the pair towards key support levels at 163.00 and 162.00.
EUR/JPY Daily Chart
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.
