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The EUR/JPY currency pair was seen trading at around 163.13 on Friday, exhibiting minimal losses. Despite the declines, the broader momentum remained bullish, but this sentiment may remain finely balanced and open to fluctuations in the coming week.On the daily chart, the EUR/JPY pair indicated signs of relatively positive to neutral momentum. The Relative Strength Index (RSI) had maneuvered within positive territory over the most recent sessions, with the latest reading positioned at 52.This reading may suggest slightly bullish momentum, yet this could be potentially susceptible to changes in market sentiment. Meanwhile, the red bar on the Moving Average Convergence Divergence (MACD) histogram seemingly hinted at negative momentum, signaling that sellers were possibly gearing up.
EUR/JPY Daily Chart
Shifting focus onto the hourly chart, fluctuations were more noticeable. The RSI values displayed a slight downward trend throughout the latest trading session, reaching as low as 46. Alongside this, the consistently shrinking green bars of the MACD seemed to confirm the overall bearish momentum.
EUR/JPY Hourly Chart
In conclusion, while short-term indicators showed an inclination toward a seller’s market, it’s important to note this is within a broader bullish context as seen on the daily chart. In the coming days, buyers would have to step in and defend the 20-day SMA at the 162.85 mark to leave the overall bullish trend intact.
EUR/JPY Technical Levels
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