Created
: 2024.03.29
2024.03.29 03:16
In Thursday's session, the EUR/JPY pair is trading at around 163.40, experiencing a minor loss. The broader perspective leans in favor of the bulls, indicating buying strength that keeps the pair above its 20, 100, and 200-day Simple Moving Averages (SMAs). Despite this, there is evidence of mounting selling pressure on the daily chart.
On the daily chart, the Relative Strength Index (RSI) descended from nearing overbought conditions last week towards 54. The MACD histogram also indicates that buyer momentum might be waning, as inferred from the flat green bars. These market indicators suggest potential near-term volatility in the pair's direction.
Transitioning to the hourly chart, RSI readings convey a more negative sentiment. The latest value stands at 44, signaling sellers as dominant in the short-term movements. The MACD histogram, however, prints green bars which adds neutrality to the intraday outlook.
In conclusion, despite the negative sentiment on the hourly chart, the daily and broader metrics suggest that bulls maintain control of the bigger picture. The main task fo the buyers is to defend the 20-day SMA at around 163.00 and as long as the pair remains above this level, the outlook will be positive.
Created
: 2024.03.29
Last updated
: 2024.03.29
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