Created
: 2024.04.23
2024.04.23 03:06
The EUR/JPY pair stands at 164.88, showing mild gains of on Monday's session. The pair exhibits a firm bullish momentum echoed in the strengthening of the indicators on the hourly and daily charts.
Examining the Relative Strength Index (RSI) on the daily chart, indicates a continued rise towards the upper bounds, reinforcing upward momentum. The Moving Average Convergence Divergence (MACD) supports this positive momentum through fresh green bars, indicating strong buyer dominance.
In the hourly chart, the RSI has shown divergence from negative to positive territory, ranging from a low of 40 to a high of 56, which suggests a recovery of the buyers in the session. The hourly Moving Average Convergence Divergence (MACD) supports this as it prints decreasing red bars.
In evaluating the broader market perspective, according to the Simple Moving Average (SMA), the pair's position above the 20, 100, and 200-day SMAs points towards a potential long-term positive trend. As long as the buyers keep the price above these key levels, the outlook will continue to be in their favor.
Created
: 2024.04.23
Last updated
: 2024.04.23
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