Indicators on the daily chart show a consistent rise in bullish momentum.
On the hourly chart, the RSI reflects a more volatile picture with general positivity, yet the MACD shows a lack of sustained buying traction.
The EUR/JPY pair continues to exhibit strong momentum, displaying gains of 0.55% on Wednesday. With buyers maintaining dominance, the pair remains steadfast above its key Simple Moving Averages (SMAs) in both the short and long term, indicating the potential for a further upward move. The latest downward movements may have been only corrective as bears lacked the conviction to hold the pair below the 20-day SMA and buyers recovered ground.
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