EUR/JPY Price Analysis: Bulls make a stride and reclaim the 20-day SMA

The daily chart reveals that the EUR/JPY maintains a bullish sentiment, as indicated by the rising RSI and diminishing negative momentum via MACD. The hourly chart's RSI shows that the pair is correcting overbought conditions. This slight appreciation points towards a continuing strength of the Euro against the Japanese Yen. Despite minor market fluctuations suggesting temporary corrections, the broader technical outlook remains largely bullish.

In addition, the relatively flat green bars of the hourly MACD indicate a nearly stagnant positive momentum. EUR/JPY hourly chart The broader outlook of the EUR/JPY based on its position relative to the Simple Moving Average provides more insight.The EUR/JPY jump above the 20-day SMA today may signal a sharp short-term uptick, suggesting buy opportunities for traders.

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