Market news
07.06.2024, 19:54

EUR/JPY Price Analysis: Bulls fight to hold the 20-day SMA, bears steady

  • The daily RSI records a balanced reading at 50, while the MACD bears a bearish crossover.
  • The pair stabilize near the 20-day SMA, with buyers trying to avoid losses beneath it.
  • The underlying bullish trend remains intact, guarded by the 100- and 200-day SMAs.

In Friday's session, the EUR/JPY pair is seen consolidating after a significant upward wave which took it near multi-year highs around 171.00, oscillating around the crucial 169.00 level. The stabilization at this junction is particularly corroborated by the proximity to the 20-day Simple Moving Average (SMA) near 169.60 which despite falling beneath, the cross will try to defend it as it serves as a strong support.

The Relative Strength Index (RSI) on the daily chart reads a steady 53 now, reflecting balanced market sentiment between the buyers and the sellers. This neutral RSI implies that the market participants are currently eagle-eyeing further direction before making a move. The daily Moving Average Convergence Divergence (MACD) has recently registered a bearish crossover- an occurrence when the MACD line dived under the signal line. This crossover potentially signals ensuing short-term bearish pressure, opening up possibilities of a tempo correction or further consolidation before resuming the upward march.

EUR/JPY daily chart

However, the broader bullish trend in the EUR/JPY remains unaffected. The support formed by the 100- and 200-day Simple Moving Averages (SMAs) at around 164.00 and 161.00, respectively, form a major bastion against long-drawn bearish movements. Therefore, while recent sessions brought some hope to bear, these movements should be treated as corrective rather than any structural changes in the trend.

 

EUR/JPY

Overview
Today last price 169.23
Today Daily Change -0.23
Today Daily Change % -0.14
Today daily open 169.46
 
Trends
Daily SMA20 169.54
Daily SMA50 166.96
Daily SMA100 164.4
Daily SMA200 161.56
 
Levels
Previous Daily High 170.29
Previous Daily Low 169.21
Previous Weekly High 170.8
Previous Weekly Low 169.07
Previous Monthly High 170.8
Previous Monthly Low 164.02
Daily Fibonacci 38.2% 169.62
Daily Fibonacci 61.8% 169.88
Daily Pivot Point S1 169.02
Daily Pivot Point S2 168.57
Daily Pivot Point S3 167.94
Daily Pivot Point R1 170.1
Daily Pivot Point R2 170.74
Daily Pivot Point R3 171.18

 

 

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