Daily chart analysis reveals heightened selling pressure with the RSI and MACD deep in the negative zone. The hourly chart saw a short-lived recovery in the indicators. Although the pair has experienced recent declines, its positioning above the key SMAs signals an ongoing bullish outlook. In Monday's session, the EUR/JPY pair is trading at 160.57, showing a daily decrease of 0.19%.
EUR/JPY daily chart Moving to the hourly chart of EUR/JPY, the RSI is almost equivalent to the daily chart showing an RSI of around 40after hitting oversold conditions earlier in the session. The MACD histogram depicts decreasing green bars, indicating that the built buying momentum is declining. EUR/JPY hourly chart In the larger picture, the EUR/JPY pair, despite recently losing ground, remains above the 100 and 200-day Simple Moving Averages .
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Source: DailyFX - 🏆 305. / 63 Read more »