The EUR/JPY currency pair exhibits resilience, standing at 164.71, marking a sustained bullish surge that has overcome daily losses and defended the 20-day Simple Moving Averages (SMA). However, prudence is advised given the evolving market landscape, with momentum flattening, as observed on both the daily and hourly charts, potentially tempering the bullish sentiment.
On the daily chart, the Relative Strength Index (RSI) indicates a positive trend, registering at 58 but leveling off. Concurrently, the Moving Average Convergence Divergence (MACD) displays red bars, indicating consistent selling pressure.
Assessing the hourly chart, the RSI hovers just above the midpoint at 53, exhibiting a flat trajectory, signaling market neutrality. Meanwhile, the MACD exhibits diminishing green bars, suggesting a potential deceleration in upward momentum.
In consideration of recent market dynamics, the EUR/JPY remains positioned above its 20, 100, and 200-day SMA, underscoring a robust ascending pattern in its broader outlook. This resilience implies that the pair has adeptly sustained bullish momentum both in the short and long terms. Notably, on Friday, the cross maintained its position above the 20-day SMA at 164.00, indicating steadfastness among bulls. Continued adherence to the SMAs could propel the pair further along its upward trajectory, bolstering its technical position in the forthcoming sessions.
