The EUR/JPY pair is currently experiencing a slight pullback, with the daily RSI and MACD showing a downward trend while still in positive territory. This suggests a possible consolidation phase, although it may be short-lived.
On the hourly chart, indicators have moved into the negative zone, indicating an ongoing correction phase. Despite this, the EUR/JPY remains above key SMAs, maintaining a long-term bullish sentiment.
In Wednesday’s session, the pair dipped to 170.29 but remains near cycle highs of 171.60, indicating a potential brief consolidation period. Traders should monitor the 170-168.00 range for correction movements before confirming any significant changes in the outlook.
The RSI and MACD on the daily chart show a slight downward movement but are still in positive territory, signaling a possible short consolidation phase.
On the hourly chart, both RSI and MACD are in the negative zone, reflecting the corrective phase in response to recent gains.
The EUR/JPY pair’s position above the 20-day SMA at 168.45 maintains a short-term bullish sentiment, but a move below this level could alter the bullish scenario. The 100 and 200-day SMAs provide additional support if sellers become more aggressive.