The pair met strong resistance at the 20-day SMA, which in case of conquering it, will confirm a bullish bias.
The daily chart indicators suggest a strengthening upward momentum with the RSI jumping above 50.
The hourly RSI hovers in the overbought territory, a potential sign of short-term buyer exhaustion.
In Friday's session, EUR/JPY trades with gains at 162.27, marking a 0.54% rise in attempting to conquer the 20-day Simple Moving Average (SMA). The bulls seemingly hold a strong grip, as the buying momentum appears to intensify. Yet, the sellers might come into action as the indicators flash overbought signs on the hourly signs.
Based on the indicators of the daily chart for the EUR/JPY pair, the Relative Strength Index (RSI) has moved into positive territory, suggesting a stronger upward momentum. Meanwhile, the downturn of the Moving Average Convergence Divergence (MACD) histogram prints shortening red bars, arguing in favor of a stronger bullish grip.
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