EUR/JPY PRICE ANALYSIS: BEARS EXERT CONTROL, MOMENTUM SEEMS LIMITED
- Daily chart displays continued bearish momentum with RSI lingering below 50.
- Hourly indicators also show negative but weakened momentum.
- Bulls must retake the 20-day SMA to brighten the technical outlook.
In Thursday's session, the EUR/JPY pair is trading at 161.33, with a 0.20% loss. Indicators suggest that sellers are in command within the current market, driving a bearish but weakening momentum. Despite this, a broader bullish sentiment persists, underlining the pair's position above key Simple Moving Averages (SMAs). However, as long as the pair stands below the 20-day SMA for the short term, the outlook will be tilted to the downside.
On the daily chart, the Relative Strength Index (RSI) fell below 50 into negative territory, towards at 48, pointing south. This indicates continued bearish momentum. The Moving Average Convergence Divergence (MACD) confirms this downward trend, as it displays red bars, but their decreasing nature hints that the momentum is slower.
- Daily chart displays continued bearish momentum with RSI lingering below 50.
- Hourly indicators also show negative but weakened momentum.
- Bulls must retake the 20-day SMA to brighten the technical outlook.
In Thursday's session, the EUR/JPY pair is trading at 161.33, with a 0.20% loss. Indicators suggest that sellers are in command within the current market, driving a bearish but weakening momentum. Despite this, a broader bullish sentiment persists, underlining the pair's position above key Simple Moving Averages (SMAs). However, as long as the pair stands below the 20-day SMA for the short term, the outlook will be tilted to the downside.
On the daily chart, the Relative Strength Index (RSI) fell below 50 into negative territory, towards at 48, pointing south. This indicates continued bearish momentum. The Moving Average Convergence Divergence (MACD) confirms this downward trend, as it displays red bars, but their decreasing nature hints that the momentum is slower.
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