EUR/JPY Price Analysis: Bulls continue dominating, yet a consolidation may be incoming

Source Fxstreet
Apr 24, 2024 18:24
  • The daily RSI reveals increasing buying momentum, yet nearing overbought conditions hint at a potential technical correction ahead.
  • The hourly chart indicates a shift in short-term momentum towards sellers, and indicators consolidate.

The EUR/JPY stands at 165.68, trading with mild gains still in multi-year highs. Current market trends lean towards bullish momentum, keeping buyers in a favorable position. However, daily indicators are nearing overbought conditions, while the hourly ones have already reached that threshold and seem to be consolidating ahead of the Asian session.

The Relative Strength Index (RSI) on the daily chart reveals a positive trend. It has climbed since mid-April from the mid-40s deep into positive territory with the latest reading at 65. This increase in RSI reveals that buyers have recently dominated the market. However, an approach towards the overbought threshold suggests a potential future market correction looming.

EUR/JPY Daily Chart

On the other hand, the hourly chart shows a slight fluctuation in RSI values, which have swung between 48 and 71 during the session and buyers now seem to be taking a breather. The Moving Average Convergence Divergence (MACD) prints flat green bars, adding arguments to a stagnant momentum.

EUR/JPY Hourly Chart

Regarding the overall trend, the EUR/JPY displays a bullish trajectory in the short term while maintaining its position above its 20-day Simple Moving Average (SMA). Turning to a longer time frame, the pair remains above 100- and 200-day SMAs. Such positioning could hint at the potential continuation of bullishness for the EUR/JPY pair.

EUR/JPY

Overview
Today last price 166
Today Daily Change 0.31
Today Daily Change % 0.19
Today daily open 165.69
 
Trends
Daily SMA20 164.19
Daily SMA50 163.26
Daily SMA100 160.88
Daily SMA200 159.79
 
Levels
Previous Daily High 165.74
Previous Daily Low 164.63
Previous Weekly High 165.03
Previous Weekly Low 162.67
Previous Monthly High 165.36
Previous Monthly Low 160.22
Daily Fibonacci 38.2% 165.32
Daily Fibonacci 61.8% 165.05
Daily Pivot Point S1 164.97
Daily Pivot Point S2 164.24
Daily Pivot Point S3 163.85
Daily Pivot Point R1 166.08
Daily Pivot Point R2 166.47
Daily Pivot Point R3 167.2

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Mexican Peso hits four-week high on hawkish Banxico remarksThe Mexican Peso continues to record gains versus the US Dollar, refreshing its four-week high as the rally continued.
Source  Fxstreet
The Mexican Peso continues to record gains versus the US Dollar, refreshing its four-week high as the rally continued.
placeholder
Mexican Peso consolidates after rallyThe Mexican Peso (MXN) trades broadly unchanged in its key pairs on Friday, with USD/MXN flatlining as the US Dollar (USD) stabilizes after its recent sell-off and market sentiment remains relatively calm heading into the weekend.
Source  Fxstreet
The Mexican Peso (MXN) trades broadly unchanged in its key pairs on Friday, with USD/MXN flatlining as the US Dollar (USD) stabilizes after its recent sell-off and market sentiment remains relatively calm heading into the weekend.
placeholder
FX option expiries for May 16 NY cut FX option expiries for May 16 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0640-45 2.7b 1.0650 570m 1.0655 868m 1.0695 824m 1.0700 877m 1.0735 541m 1.0740 1.2b 1.0755 832m 1.0790 954m 1.0795 516m 1.0800 531m 1.0810 515m 1.0820 843m 1.0825 907m 1.0845-50 2.2b 1.0875 1.7b 1.0900 1.6b 1.0915 1.1b 1.0920 848m 1.0930 625m - GBP/USD: GBP amounts 1.2600 643m - USD/CHF: USD amounts 0.9025 465m 0.9100 702m - USD/JPY: USD amounts 153.00 1.9b 153.
Source  Fxstreet
FX option expiries for May 16 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0640-45 2.7b 1.0650 570m 1.0655 868m 1.0695 824m 1.0700 877m 1.0735 541m 1.0740 1.2b 1.0755 832m 1.0790 954m 1.0795 516m 1.0800 531m 1.0810 515m 1.0820 843m 1.0825 907m 1.0845-50 2.2b 1.0875 1.7b 1.0900 1.6b 1.0915 1.1b 1.0920 848m 1.0930 625m - GBP/USD: GBP amounts 1.2600 643m - USD/CHF: USD amounts 0.9025 465m 0.9100 702m - USD/JPY: USD amounts 153.00 1.9b 153.
goTop
quote