The EUR/JPY pair is currently hovering around the 168.00 level, showing slight negative movement as it trades sideways. The 20-day Simple Moving Average (SMA) at 169.70 is acting as a key resistance level for any potential recovery.
The daily MACD and RSI indicators suggest a decrease in bearish momentum, although the RSI is still hovering around 50, maintaining a bearish tone. The market seems to be in a consolidation phase as indicated by the flat red MACD bars.
Despite recent downturns, the overall bullish outlook is supported by the presence of the 100 and 200-day SMAs at around 164.00 and 161.00, respectively. These levels may act as a defense against further losses.
Traders are closely monitoring the movements around the 168.00 support level and the 169.70 recovery hurdle. The direction of the market in the upcoming sessions may be determined by a breach of either of these levels.