Despite the red flag hinted by the negative territory of the daily MACD, the buying momentum continues to strengthen. The hourly RSI and MACD reveal a consolidation phase in the market, indicating a temporary balance between buyers and sellers. The short-term outlook now favors the bulls as sellers failed to consolidate below the 20-day SMA. On Tuesday, the EURJPY rose by 0.36% to 166.
However, the MACD histogram remains stationary, printing flat red bars and emphasizing the lack of strong momentum on either side of the market. EUR/JPY hourly chart From a broader market perspective, EUR/JPY has exhibited a strong bullish posture. The pair has ascended above its 20-day Simple Moving Average , reinforcing the trend as it also stands above the 100 and 200-day SMAs.
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Source: FXStreetNews - 🏆 14. / 72 Read more »