In Friday’s trading session, the EUR/JPY currency pair traded with gains at the 162.27 mark, recording a 0.54% rise while attempting to conquer the 20-day Simple Moving Average (SMA). The bulls seemingly maintained a strong grip, as the buying momentum appeared to intensify. Yet, the sellers might come into action in the coming days as the indicators flashed overbought signals.Based on the indicators of the daily chart for the EUR/JPY pair, the Relative Strength Index (RSI) moved into positive territory, suggesting the potential of stronger upward momentum. Meanwhile, the downturn of the Moving Average Convergence Divergence (MACD) histogram printed shortening red bars, seemingly arguing in favor of a stronger bullish grip.
EUR/JPY Daily Chart
Turning to the hourly chart, the RSI seemed to be hovering in the overbought territory. Despite a strong upward trend, this indicated potential exhaustion from the buyers. Similarly, the MACD’s decreasing green bars may have been signaling a shift in the tide, turning favor towards sellers for the short-term period.
EUR/JPY Hourly Chart
Given that the pair remained above the 100- and 200-day SMAs yet below the 20-day SMA, this positioning provided mixed signals regarding the broader market control. Thus, an interplay of daily and hourly charts seemed to suggest an uphill battle with the bulls maintaining control in a larger context, albeit while facing potential near-term pressures.
EUR/JPY Technical Levels
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