- The daily EUR/JPY RSI reveals ongoing bullish momentum, demonstrating a stable shift from 44 to 60 in the last sessions.
- Daily MACD perspectives align with the RSI, implying further progression of the positive momentum.
- Hourly chart shows a dip in RSI to 53 and indicates rising sellers' traction, suggesting a temporary pause in ongoing bullish momentum.
The EUR/JPY has been dominating with a steady bullish trend. It rose to 167.85 on Friday, reflecting a positive momentum primarily driven by market buyers. However, short-term sellers seem to be upping their game, implying potential transient pullbacks as indicators are flashing overbought signals in the hourly chart.
On the daily chart, the Relative Strength Index (RSI) for the EUR/JPY. A stable increase from since last week 44 to the current reading of 60 reveals an ongoing bullish momentum, primarily driven by market buyers. The Moving Average Convergence Divergence (MACD) corresponds with this perspective by showcasing rising green bars, indicating that the positive momentum is further progressing.
EURJPY daily chart
Looking at the hourly chart, the RSI presents a slight pullback to 53.26 after peaking at 67.40. While this indicates a potential slowing of buying dominance, the MACD, emphasized by rising red bars, suggests the formation of negative momentum. Despite the noticeable shift in the hourly chart, the dominant daily bullish outlook remains unchanged.
EURJPY hourly chart
In assessing the bigger picture, the EUR/JPY is positioned above its Simple Moving Averages (SMA) for the 20, 100, and 200-day periods which suggests that the buyers are clearly in command.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays below 1.0750 as EU inflation data match expectations
EUR/USD trades in negative territory below 1.0750 in the European session on Tuesday after the data from the EU showed that the annual HICP inflation edged lower to 2.5% in June as forecast. Investors await ECB President Lagarde and Fed Chairman Powell's speech at the ECB Forum.
GBP/USD remains offered below 1.2650 ahead of key US events
GBP/USD keeps losses below 1.2650, extending its struggle in European trading on Tuesday. Bets for a BoE rate cut in August act as a headwind amid a modest US Dollar recovery. Traders prefer to wait on the sidelines ahead of the US jobs data and Fed Chair Powell's appearance.
Gold confined to a range with bullish long-term prospects
Gold continues trading in a familiar range within the $2,320-$2,330s, just below the 50-day SMA on Tuesday, amid Futures’ traders “short-covering”, as well as “bargain hunting” by longer-term investors, according to Kitco’s Jim Wyckoff.
Bitcoin price faces resistance around $64,000 level
US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage.
ECB Forum: Fed Chairman Powell and ECB President Lagarde set to discuss policy outlook
Jerome Powell, Chairman of the Federal Reserve System, and Christine Lagarde, European Central Bank President, will attend a monetary policy panel at the 2024 ECB Forum on Central Banking in Sintra on Tuesday, July 2.