Market news
22.04.2024, 18:05

EUR/JPY Price Analysis: Bears back down and now is the buyer’s turn

  • The daily chart of EUR/JPY reveals a growing buying momentum, thanks to the RSI and the MACD strengthening.
  • The hourly chart shows a shift in market dynamics as indicators favor the buyers.
  • Key Simple Moving Averages underline EUR/JPY's superiority, hinting at the potential long-term upside.

The EUR/JPY pair stands at 164.88, showing mild gains of on Monday’s session. The pair exhibits a firm bullish momentum echoed in the strengthening of the indicators on the hourly and daily charts.

Examining the Relative Strength Index (RSI) on the daily chart, indicates a continued rise towards the upper bounds, reinforcing upward momentum. The Moving Average Convergence Divergence (MACD) supports this positive momentum through fresh green bars, indicating strong buyer dominance.

EUR/JPY daily chart

In the hourly chart, the RSI has shown divergence from negative to positive territory, ranging from a low of 40 to a high of 56, which suggests a recovery of the buyers in the session. The hourly Moving Average Convergence Divergence (MACD) supports this as it prints decreasing red bars.

EUR/JPY hourly chart

In evaluating the broader market perspective, according to the Simple Moving Average (SMA), the pair's position above the 20, 100, and 200-day SMAs points towards a potential long-term positive trend. As long as the buyers keep the price above these key levels, the outlook will continue to be in their favor.

 

EUR/JPY

Overview
Today last price 164.99
Today Daily Change 0.24
Today Daily Change % 0.15
Today daily open 164.75
 
Trends
Daily SMA20 164.07
Daily SMA50 163.09
Daily SMA100 160.76
Daily SMA200 159.7
 
Levels
Previous Daily High 165.03
Previous Daily Low 163.02
Previous Weekly High 165.03
Previous Weekly Low 162.67
Previous Monthly High 165.36
Previous Monthly Low 160.22
Daily Fibonacci 38.2% 164.26
Daily Fibonacci 61.8% 163.79
Daily Pivot Point S1 163.5
Daily Pivot Point S2 162.26
Daily Pivot Point S3 161.5
Daily Pivot Point R1 165.51
Daily Pivot Point R2 166.27
Daily Pivot Point R3 167.52

 

 

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