The EUR/JPY pair is currently trading at 164.22, showing a small increase in Tuesday’s trading session. This uptick indicates continued strength in the Euro compared to the Japanese Yen. Although there may be some minor market fluctuations leading to temporary corrections, the overall technical outlook remains largely bullish. Bulls have managed to recover the 20-day Simple Moving Average (SMA), further supporting the positive outlook for buyers.
On the daily chart, the EUR/JPY pair maintains a bullish momentum with the Relative Strength Index (RSI) at 55, comfortably within the positive trend zone. The Moving Average Convergence Divergence (MACD) histogram also shows diminishing negative momentum, reinforcing the bullish sentiment.
Looking at the hourly chart, the RSI readings fluctuate between 71 and 54, indicating that buyers are taking a brief pause. The MACD on the hourly chart shows nearly stagnant positive momentum.
In terms of the EUR/JPY’s position relative to the Simple Moving Average (SMA), jumping above the 20-day SMA suggests a potential short-term uptrend, presenting buying opportunities for traders. Additionally, being above both the 100-day and 200-day SMA confirms a long-term bullish trend, indicating that the Euro maintains its strength against the Japanese Yen.
