EUR/JPY Price Analysis: Bearish sentiment takes over, 20-day SMA lost
02.05.2024, 18:07

EUR/JPY Price Analysis: Bearish sentiment takes over, 20-day SMA lost

  • The daily RSI for EUR/JPY highlights a decline from overbought levels to negative territory, depicting seller dominance.
  • Similar to the RSI, the daily MACD shows increasing negative momentum.
  • On the hourly chart, low RSI values and a flat red MACD histogram point to a growing near-term bearishness.

The EUR/JPY pair trades at 164.65,  tallying sharp losses on Thursday. Despite the increasing selling pressure, the long-term optimism remains intact, but bears are making their case as they reclaimed the 20-day Simple Moving Average (SMA) which worsened the outlook for the short term.

On the daily chart, the Relative Strength Index (RSI) for EUR/JPY has descended from the overbought readings into negative territory. The data suggests a downward momentum, indicative of a current dominant presence of sellers. At the same time, the Moving Average Convergence Divergence (MACD) histogram recorded fresh red bars which confirms a growing negative momentum.

EUR/JPY daily chart

Moving to the hourly chart, the RSI values are persistently recording low readings, venturing deep into the oversold territory. Here, the hourly MACD aligns with the daily outlook, displaying red bars which points to further negative momentum over the shorter span.

EUR/JPY hourly chart

From a broader viewpoint, the EUR/JPY experienced a significant shift, falling below the 20-day Simple Moving Average (SMA). This suggests potential short-term bearishness but as long as the pair maintains positions above the more extended 100 and 200-day SMAs, the overall outlook will be positive.

 

EUR/JPY

Overview
Today last price 164.43
Today Daily Change -1.25
Today Daily Change % -0.75
Today daily open 165.68
 
Trends
Daily SMA20 165.36
Daily SMA50 163.91
Daily SMA100 161.52
Daily SMA200 160.13
 
Levels
Previous Daily High 168.67
Previous Daily Low 164.08
Previous Weekly High 169.4
Previous Weekly Low 164.4
Previous Monthly High 171.6
Previous Monthly Low 162.28
Daily Fibonacci 38.2% 165.83
Daily Fibonacci 61.8% 166.91
Daily Pivot Point S1 163.61
Daily Pivot Point S2 161.55
Daily Pivot Point S3 159.02
Daily Pivot Point R1 168.2
Daily Pivot Point R2 170.73
Daily Pivot Point R3 172.79

 

 

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