EUR/JPY Price Analysis: Bulls Maintain Control, consolidation phase likely

The RSI on the daily chart of EUR/JPY indicates sustained bullish momentum.
Hourly chart shows an RSI below its mid-zone and MACD with rising red bars, pointing towards possible consolidation.
The EUR/JPY's position above main SMAs underscores a strong bullish bias.

Patricio Martín FXStreet

The EUR/JPY slightly declined to 164.70 in Thursday’s session. That being said, the overall trend still favors the bulls but a consolidation phase, suggested by bears dominating the hourly chart, may create a balanced playing field for both buyers and sellers ahead of the Asian session.

On the daily chart, the Relative Strength Index (RSI) for the EUR/JPY pair is in positive territory, with a most recent reading of 58. This suggests that the pair's upsurge might remain intact as long as the RSI stays above the 50 mark, indicating that buyers are in control at this moment.

EUR/JPY daily chart

Meanwhile, on the hourly chart, the EUR/JPY's RSI declined below its middle zone, with the latest reading of 44 as of the last hour. This could point towards a pending period of consolidation. The Moving Average Convergence Divergence (MACD) displays rising red bars, also hinting at a temporary slowdown in the bullish momentum.

EUR/JPY hourly chart

Regarding the Simple Moving Average (SMA), the cross EUR/JPY holds strong above its 20, 100, and 200-day SMAs, indicating a bullish stance. That being said the pair must defend the 20-day SMA at 164.00 which is a strong support to maintain the positive short-term outlook.

EUR/JPY

Overview
Today last price	164.56
Today Daily Change	-0.22
Today Daily Change %	-0.13
Today daily open	164.78

Trends
Daily SMA20	164.02
Daily SMA50	162.94
Daily SMA100	160.67
Daily SMA200	159.61

Levels
Previous Daily High	164.81
Previous Daily Low	163.93
Previous Weekly High	165.18
Previous Weekly Low	162.28
Previous Monthly High	165.36
Previous Monthly Low	160.22
Daily Fibonacci 38.2%	164.47
Daily Fibonacci 61.8%	164.27
Daily Pivot Point S1	164.2
Daily Pivot Point S2	163.62
Daily Pivot Point S3	163.32
Daily Pivot Point R1	165.09
Daily Pivot Point R2	165.39
Daily Pivot Point R3	165.97

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.