The EUR/JPY pair is currently consolidating near the 169.00 level after reaching multi-year highs around 171.00. The pair is stabilizing around the 20-day Simple Moving Average (SMA) at 169.60, which is acting as a strong support despite dipping below it. The Relative Strength Index (RSI) is at a neutral 53, indicating a balanced market sentiment between buyers and sellers. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, suggesting potential short-term bearish pressure and the possibility of a correction or consolidation before resuming the uptrend.
The overall bullish trend in EUR/JPY remains intact, supported by the 100- and 200-day SMAs at 164.00 and 161.00 respectively. These SMAs act as strong barriers against prolonged bearish movements. Recent price movements should be viewed as corrective rather than indicative of a trend reversal.