The EUR/JPY pair saw a slight dip to 168.15 before stabilizing at 168.80 on Monday, indicating solid support around the 168.00 level. To avoid further decline, a push to reclaim the short-term 20-day SMA is necessary. If market pressure increases, the 168.00 mark could serve as a safety net for buyers.
The daily RSI stands at 47, signaling a slightly bearish market sentiment, while the daily MACD shows flat red bars, suggesting a steady bearish trend. This could indicate a period of consolidation before any significant changes occur.
Despite recent minor bearish movements, the overall bullish trend in the EUR/JPY remains strong, supported by the 100- and 200-day SMAs at 164.00 and 161.00 respectively. These moving averages act as robust barriers against significant downward movements, implying that recent fluctuations are likely corrective rather than indicative of a major shift in the trend.