The EUR/JPY pair is showing strong buying momentum on the daily chart, with the Relative Strength Index (RSI) deep in positive territory. However, the hourly chart tells a different story, as the RSI dips into the negative zone and the Moving Average Convergence Divergence (MACD) shows flat red bars, indicating short-term selling pressure.
Despite hitting highs near 170.00, investors are pausing, suggesting a possible short-term consolidation before another upward move. The daily chart indicates bullish momentum, while the hourly chart shows a weaker picture with indicators pointing towards selling pressure.
Overall, the EUR/JPY pair remains in a bullish position, staying above key moving averages. Traders should keep an eye on any corrections, but as long as the pair stays above its main SMAs, the positive outlook remains intact.