EUR/JPY Price Analysis: Buyers accelerate the pace eye cycle highs
09.05.2024, 18:36

EUR/JPY Price Analysis: Buyers accelerate the pace eye cycle highs

  • The daily chart reveals the RSI steady in positive zone, showing consistent bullish momentum.
  • On the hourly chart, RSI and MACD persist in positive territory, indicating robust buying traction.
  • If the bears don’t show up, the pair may be poised for a retest of the cycle highs above 170.00.

The EUR/JPY pair is steadily maintaining its upward trajectory, with a decisive rise to 167.64 in Thursday's session. Buyers consolidate near cycle highs while bears are nowhere to be seen.

On the daily chart, the Relative Strength Index (RSI) is noted in the positive territory. A consistent upward trend has unfolded over recent sessions, with the current RSI value at 59.8, showcasing continuous bullish momentum. Concurrently, the Moving Average Convergence Divergence (MACD) shows red bars decreasing in length, which suggests the decelerating negative momentum.

EUR/JPY Daily Chart

Ensuing examination of the hourly chart demonstrates a parallel bullish outlook. The hourly RSI values persistently float around the positive territory, with the recent reading at 64 seeming to consolidating after hitting overbought conditions. Additionally, the hourly MACD represents flat green bars, indicating steady positive momentum.

EUR/JPY Hourly Chart

Upon observing the Simple Moving Average (SMA), the EUR/JPY pair remains in a visibly secure territory. Both short- and long-term SMAs convey a sustained upward trajectory, indicating pronounced bullish momentum. Specifically, the pair secures its position above the 20, 100, and 200-day SMA, conveying a consistent bullish outlook.

 

EUR/JPY

Overview
Today last price 167.65
Today Daily Change 0.47
Today Daily Change % 0.28
Today daily open 167.18
 
Trends
Daily SMA20 165.67
Daily SMA50 164.17
Daily SMA100 161.99
Daily SMA200 160.37
 
Levels
Previous Daily High 167.35
Previous Daily Low 166.25
Previous Weekly High 171.6
Previous Weekly Low 164.02
Previous Monthly High 171.6
Previous Monthly Low 162.28
Daily Fibonacci 38.2% 166.93
Daily Fibonacci 61.8% 166.67
Daily Pivot Point S1 166.5
Daily Pivot Point S2 165.82
Daily Pivot Point S3 165.4
Daily Pivot Point R1 167.61
Daily Pivot Point R2 168.03
Daily Pivot Point R3 168.71

 

 

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