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

Source Fxstreet
  • 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
XRP Price Struggles to Keep Pace: What’s Holding It Back?XRP price struggled to continue higher above the $2.75 zone and dipped. The price is showing a few bearish signs below the $2.60 level. XRP price started a strong upward move above the $2.50 level.
Author  NewsBTC
20 hours ago
XRP price struggled to continue higher above the $2.75 zone and dipped. The price is showing a few bearish signs below the $2.60 level. XRP price started a strong upward move above the $2.50 level.
placeholder
Dogecoin Price Flashes Death Cross Signal as Elon Musk Grills US TreasuryDogecoin price stabilized around the $0.26 level on Wednesday amid a 22% weekly decline as crypto markets tumbled further.
Author  FXStreet
18 hours ago
Dogecoin price stabilized around the $0.26 level on Wednesday amid a 22% weekly decline as crypto markets tumbled further.
placeholder
Top 5 Crypto in 2025: TRX, SUI, AAVE, RBLK & ETH Price Predicted to Soar, Experts SayCrypto markets are heating up, and experts are predicting big things for 2025. While some coins are moving slowly, others are ready​ tо explode. Names like Ethereum and Tron have been around for years, showing steady growth, but newer projects like Sui, Aave, and the latest Rollblock are gaining serious momentum.  With analysts calling for […]
Author  Cryptopolitan
18 hours ago
Crypto markets are heating up, and experts are predicting big things for 2025. While some coins are moving slowly, others are ready​ tо explode. Names like Ethereum and Tron have been around for years, showing steady growth, but newer projects like Sui, Aave, and the latest Rollblock are gaining serious momentum.  With analysts calling for […]
placeholder
Is a Stock Market Crash Looming? Here's What I'm Doing to Protect My Investments Just in Case.While the stock market is still surging right now, investor sentiment may be taking a turn. Around 34% of U.S. investors feel "bearish" about the next six months, according to a we
Author  The Motley Fool
16 hours ago
While the stock market is still surging right now, investor sentiment may be taking a turn. Around 34% of U.S. investors feel "bearish" about the next six months, according to a we
placeholder
Bitcoin Coinbase Flow Pulse Shows Bullish Trend As Institutional Interest Surges – DetailsBitcoin has been struggling to reclaim the $100K mark but remains resilient above the $96K level after a sharp market-wide selloff. Sunday night and early Monday saw a capitulation event, primarily affecting altcoins, leading to extreme volatility. BTC dropped over 9% in 24 hours, shaking investor confidence, only to recover more than 11% the same […]
Author  Bitcoinist
1 hour ago
Bitcoin has been struggling to reclaim the $100K mark but remains resilient above the $96K level after a sharp market-wide selloff. Sunday night and early Monday saw a capitulation event, primarily affecting altcoins, leading to extreme volatility. BTC dropped over 9% in 24 hours, shaking investor confidence, only to recover more than 11% the same […]
Related Instrument
goTop
quote