Global Markets: Inflation data from the US leads to market concerns about the euro - Share Market Daily
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The EUR/JPY slightly declined to 164.70 in Thursday’s session.
The RSI on the daily chart of EUR/JPY indicates sustained bullish momentum.
Hourly chart shows an RSI below its mid-zone and MACD with rising red bars, pointing towards possible consolidation.
The EUR/JPY’s position above main SMAs underscores a strong bullish bias.
The EUR/JPY slightly declined to 164.70 in Thursday’s session. That being said, the overall trend still favors the bulls but a consolidation phase, suggested by bears dominating the hourly chart, may create a balanced playing field for both buyers and sellers ahead of the Asian session.
On the daily chart, the Relative Strength Index (RSI) for the EUR/JPY pair is in positive territory, with a most recent reading of 58. This suggests that the pair’s upsurge might remain intact as long as the RSI stays above the 50 mark, indicating that buyers are in control at this moment.
Meanwhile, on the hourly chart, the EUR/JPY’s RSI declined below its middle zone, with the latest reading of 44 as of the last hour. This could point towards a pending period of consolidation. The Moving Average Convergence Divergence (MACD) displays rising red bars, also hinting at a temporary slowdown in the bullish momentum.
Regarding the Simple Moving Average (SMA), the cross EUR/JPY holds strong above its 20, 100, and 200-day SMAs, indicating a bullish stance. That being said the pair must defend the 20-day SMA at 164.00 which is a strong support to maintain the positive short-term outlook.
EUR/JPY
Overview
Today last price
164.56
Today Daily Change
-0.22
Today Daily Change %
-0.13
Today daily open
164.78
Trends
Daily SMA20
164.02
Daily SMA50
162.94
Daily SMA100
160.67
Daily SMA200
159.61
Levels
Previous Daily High
164.81
Previous Daily Low
163.93
Previous Weekly High
165.18
Previous Weekly Low
162.28
Previous Monthly High
165.36
Previous Monthly Low
160.22
Daily Fibonacci 38.2%
164.47
Daily Fibonacci 61.8%
164.27
Daily Pivot Point S1
164.2
Daily Pivot Point S2
163.62
Daily Pivot Point S3
163.32
Daily Pivot Point R1
165.09
Daily Pivot Point R2
165.39
Daily Pivot Point R3
165.97
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