The EUR/JPY pair is currently trading at 163.80, showing a 0.46% increase. Despite some short-term bearish signals, the overall outlook remains positive. If bulls fail to reclaim the 20-day SMA, there could be further downside.
On the daily chart, the RSI is mildly bullish, but recent fluctuations and a dip into negative territory suggest bearish momentum building. The MACD histogram also indicates a rise in bearish sentiment.
Looking at the hourly chart, the RSI is positive but trending downward, while the MACD histogram shows weakening bullish momentum.
While the pair has fallen below the 20-day SMA, it remains above the 100-day and 200-day SMAs, indicating a long-term bullish trend.
In conclusion, the technical indicators show a mixed outlook for EUR/JPY. Short-term bearish signals are countered by a persistent long-term bullish trend. Buyers are losing momentum, and unless they can reclaim the 20-day SMA, the balance may shift in favor of the bears.
