The EUR/JPY currency pair currently trades at 164.78, demonstrating a daily gain of 0.28%.
The daily chart analysis of EUR/JPY reveals a strong buying momentum, as indicated by RSI and MACD in the positive territory. The MACD on the daily and hourly charts shows growing buying traction, reinforcing the bullish trend. The pair stance above the crucial Simple Moving Averages indicates a prolonged bullish phase. It suggests a likely continued bullish phase, well positioned above essential Simple Moving Averages .
The MACD remains consistent with the daily chart, as it exhibits an emerging green bar, indicating enhanced positive momentum. This corroborates the dominance of buyers in this time frame as well. EUR/JPY hourly chart Considering the broader outlook, the EUR/JPY appears to be in a solid position, standing above the 20-day, 100-day, and 200-day Simple Moving Averages . SMAs are crucial as positions above these levelssuggest a prevailing bullish trend.
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