EUR/JPY Price Analysis: Bullish momentum prevails, reaches its highest since 2008

FXStreet
Updated Apr 24, 2024 01:29
Mitrade

■The daily RSI signals growing buying momentum for the EUR/JPY.


The daily MACD also shows a strengthening buying momentum.


On the hourly chart, the same indicators reveal signs of a more immediate buyer dominance.


The EUR/JPY rose towards 165.64 on Tuesday’s session, its highest level since 2008, showcasing clear bullish signals that point to further gains. With buyers in command, the overall landscape for the pair can be viewed as bullish.


On the daily chart, the Relative Strength Index (RSI) shows an ascending trend for the, moving deep in positive terrain. Concurrently, the Moving Average Convergence Divergence (MACD) backs this outlook as its histogram displays ascending green bars, underscoring the positive momentum.


EUR/JPY daily chart



In contrast, the insight from the hourly chart provides a slightly different perspective. While the RSI also showcases an uptrend into positive territory, the current level was higher than that of the daily chart, hinting at a more immediate upward momentum. Simultaneously, the MACD on the hourly chart strengthens the bullish bias, evident from the rising green bars.


EUR/JPY hourly chart



Observing the broader view, the EUR/JPY  stands above its 20, 100, and 200-day Simple Moving Average (SMA), suggesting a strong bullish trend both in the short and long-term perspectives. Overall, bears show no signs of recovering and as bulls capture fresh multi-year highs, there are no technical signals that threaten the clear bullish trend.

 

EUR/JPY


Overview

Today last price

165.66

Today Daily Change

0.68

Today Daily Change %

0.41

Today daily open

164.98

 

Trends

Daily SMA20

164.12

Daily SMA50

163.17

Daily SMA100

160.81

Daily SMA200

159.74

 

Levels

Previous Daily High

165.1

Previous Daily Low

164.4

Previous Weekly High

165.03

Previous Weekly Low

162.67

Previous Monthly High

165.36

Previous Monthly Low

160.22

Daily Fibonacci 38.2%

164.84

Daily Fibonacci 61.8%

164.67

Daily Pivot Point S1

164.55

Daily Pivot Point S2

164.13

Daily Pivot Point S3

163.85

Daily Pivot Point R1

165.26

Daily Pivot Point R2

165.53

Daily Pivot Point R3

165.96

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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