EUR/JPY Price Analysis: Bulls prevail in the short-term sphere, investors start to take profits
04.04.2024, 18:19

EUR/JPY Price Analysis: Bulls prevail in the short-term sphere, investors start to take profits

  • Indicators from the hourly chart show that buyers are taking profits.
  • As long as the cross holds above its main SMAs, the outlook will be positive.

The EUR/JPY is changing hands at 164.74, up by 0.28%. The buyers demonstrate a stronghold in the market, which has led to ascending buying momentum. On the hourly chart, indicators are correcting oversold conditions so the upside might be limited for the immediate short term.

On the daily chart, the Relative Strength Index (RSI) currently situated in the positive territory, suggests a strong prevalence of buyers in the market. Additionally, decreasing red bars on the Moving Average Convergence Divergence (MACD) histogram indicates a weak bearish momentum.

EUR/JPY daily chart

Looking at the hourly chart, the RSI, all values well above the mid-line but pointing south which suggests that the buyers are losing steam. Furthermore, rising red bars on the MACD histogram add more arguments for the bears stepping in.

EUR/JPY hourly chart

The broader market outlook harbors mixed signals as the EUR/JPY hovers above the 20, 100, and 200-day Simple Moving Averages (SMAs) which implies that the overall trends continue to be bullish. In summary, although indicators advocate for a bullish bias, a close observation of short-term bearish signals emitted by the declining RSI on the hourly chart is crucial.

EUR/JPY

Overview
Today last price 164.63
Today Daily Change 0.26
Today Daily Change % 0.16
Today daily open 164.37
 
Trends
Daily SMA20 162.94
Daily SMA50 162.03
Daily SMA100 160.51
Daily SMA200 159.21
 
Levels
Previous Daily High 164.38
Previous Daily Low 163.07
Previous Weekly High 164.42
Previous Weekly Low 162.94
Previous Monthly High 165.36
Previous Monthly Low 160.22
Daily Fibonacci 38.2% 163.88
Daily Fibonacci 61.8% 163.57
Daily Pivot Point S1 163.5
Daily Pivot Point S2 162.63
Daily Pivot Point S3 162.19
Daily Pivot Point R1 164.81
Daily Pivot Point R2 165.25
Daily Pivot Point R3 166.11

 

 

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