- The EUR/JPY pair reached a daily high of 158.92 and then stabilized at 158.60.
- Indicators suggest buyers have the upper hand in the short term, but momentum is weak.
The bulls of the EUR/JPY They intervened on Thursday and advanced to multi-month highs around 158.90. The daily chart suggests that the technical bias is neutral to bullish as the bulls still have work to do and the momentum does not appear to be enough to trigger the next bullish leg. Neutrality is also given by the pair’s sideways trading since September.
The daily Relative Strength Index (RSI) is comfortably positioned in the positive territory above its midline and has a slight northward slope, complemented by a positive signal from the Moving Average Divergence (MACD), which is showing red bars. flat, a sign of growing bullish momentum. Furthermore, the pair is above the 20, 100, 200-day SMA, highlighting the continued bullish dominance on a broader scale. On the four-hour chart, both indicators support the idea that the bullish momentum is somewhat weak, as they turned flat into positive territory.
Support levels: 157.50 (20-day SMA), 157.00, 156.50.
Resistance levels: 159.00, 159.50, 160.00.
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.
