EUR/JPY Price Analysis: Bears hold short-term dominance, bulls must defend the 20-day SMA
27.03.2024, 19:52

EUR/JPY Price Analysis: Bears hold short-term dominance, bulls must defend the 20-day SMA

  • Indicators on the daily chart signal a possible shift toward negative momentum.
  • The hourly chart shows RSI and MACD somewhat recovering in negative territory.
  • Bulls need to maintain the 20-day SMA securely to fend off further dips.

In Wednesday's session, EUR/JPY is trading with mild losses at 163.75. Despite uncertainties, the broader market sentiment appears to favor the buyers, given the pair's dominant position above its key Simple Moving Averages (SMAs) of 20,100 and 200 days. However, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators signal an upcoming shift in momentum, hinting at increased strength in selling pressure.

On the daily chart indicators for the RSI remain in positive territory, with a downward trend which may signal a potential shift towards a negative trend. The MACD on the other hand, prints decreasing green bars, further reinforcing the weakened bullish momentum.

EUR/JPY daily chart

Regarding the hourly chart, the RSI values display a positive slope, signaling increased buying momentum. The lowest peak at 31 clearly shows that market sentiment has shifted to a bearish stance on Wednesday but in the meantime, indicators seem to be consolidating. Furthermore, the MACD) histogram's red bars confirm the presence of negative momentum.

EUR/JPY hourly chart

EUR/JPY

Overview
Today last price 163.72
Today Daily Change -0.44
Today Daily Change % -0.27
Today daily open 164.16
 
Trends
Daily SMA20 162.76
Daily SMA50 161.74
Daily SMA100 160.46
Daily SMA200 159.01
 
Levels
Previous Daily High 164.41
Previous Daily Low 163.96
Previous Weekly High 165.36
Previous Weekly Low 161.95
Previous Monthly High 163.72
Previous Monthly Low 158.08
Daily Fibonacci 38.2% 164.24
Daily Fibonacci 61.8% 164.13
Daily Pivot Point S1 163.94
Daily Pivot Point S2 163.73
Daily Pivot Point S3 163.5
Daily Pivot Point R1 164.39
Daily Pivot Point R2 164.62
Daily Pivot Point R3 164.84

 

 

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