Created
: 2024.05.01
2024.05.01 03:21
The EUR/JPY pair stands at 168.11 under strong bull control, reflecting a steady uptrend with a 0.38% gain on Tuesday. Despite Monday's sharp losses, the buyers are still in command with indicators near overbought territory on the daily chart, but bears are around the corner waiting their time.
On the daily chart, the Relative Strength Index (RSI) lies just below 70 while the Moving Average Convergence Divergence (MACD) histogram maintains a stable green outlook, signifying a stable positive momentum. Most recently, the RSI is deep in the positive territory, and along with a flat green MACD, indicates that buyers currently dominate the market; however, a near overbought signal suggests potential further consolidation or pullback in the next sessions.
Transitioning to the hourly chart, the RSI oscillates largely within a positive range. Together with the MACD printing decreasing green bars, it shows mild fluctuations but overall remains in favor of the buying force throughout the session. Compared to the daily chart, there appears to be a concordance of bullish sentiment, but with the hourly outlook hinting at possible minor retractions.
Regarding the broader outlook, it reveals that the EUR/JPY is trading above 20,100 and 200-day Simple Moving Averages (SMA). This still indicates the bull command not only in the short-term picture but significantly in the medium and long-term frames.
Created
: 2024.05.01
Last updated
: 2024.05.01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy