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

    Source Fxstreet
    Apr 23, 2024 18:08
    • 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

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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