Market news
03.06.2024, 22:19

EUR/JPY Price Analysis: Pair struggles to gain ground as momentum wanes

  • The daily RSI has shifted downwards and with the MACD showing increasing red bars pointing to a slowdown in upward momentum.
  • On the hourly chart, indicators suggest moderate bullish momentum, supported by an increasing RSI and green bars in the MACD.
  • The 20-day SMA at 169.22 serves as a critical support level for the pair to consolidate.

In Monday's session, a weak Yen against its rivals caused the EUR/JPY pair to slip to 170.30. Despite this slip, the pair's position remains solid above the key support level of the 20-day SMA at 169.22. However, as the pair currently hovers in overbought territory, the upside appears limited.

The daily Relative Strength Index (RSI) showed a reduction to 61, suggesting a potential slowdown in the pair's upward momentum. The daily MACD, with increasing red bars, agrees with this outlook..

EUR/JPY daily chart

On the hourly chart, the RSI suggests a moderate bullish momentum, standing at 51, marking a positive shift in the session. The hourly MACD, showing rising green bars, supports this short-term bullish sentiment. Nevertheless, because the pair is hovering in the overbought zone, the upward move may be short-lived.

EUR/JPY hourly chart

Meanwhile, the pair continues to trade above the significant support level of the 20-day Simple Moving Average (SMA). Should the position fall below this support level, sellers may meet further resistance at the 100 and 200-day SMAs, providing a safety barrier at around 164.00 and 161.00. As long as these support levels are defended, the overall bullish outlook remains intact, despite the possibility of consolidation. On the upside, the buyers must recapture the 167.00 area to continue moving upwards.

 

EUR/JPY

Overview
Today last price 170.21
Today Daily Change -0.44
Today Daily Change % -0.26
Today daily open 170.65
 
Trends
Daily SMA20 168.99
Daily SMA50 166.51
Daily SMA100 164.04
Daily SMA200 161.35
 
Levels
Previous Daily High 170.75
Previous Daily Low 169.45
Previous Weekly High 170.8
Previous Weekly Low 169.07
Previous Monthly High 170.8
Previous Monthly Low 164.02
Daily Fibonacci 38.2% 170.25
Daily Fibonacci 61.8% 169.94
Daily Pivot Point S1 169.82
Daily Pivot Point S2 168.98
Daily Pivot Point S3 168.52
Daily Pivot Point R1 171.12
Daily Pivot Point R2 171.58
Daily Pivot Point R3 172.42

 

 

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