Indicators on the daily chart signal a possible shift toward negative momentum.
The hourly chart shows RSI and MACD somewhat recovering in negative territory.
Bulls need to maintain the 20-day SMA securely to fend off further dips.
In Wednesday's session, EUR/JPY is trading with mild losses at 163.75. Despite uncertainties, the broader market sentiment appears to favor the buyers, given the pair's dominant position above its key Simple Moving Averages (SMAs) of 20,100 and 200 days. However, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators signal an upcoming shift in momentum, hinting at increased strength in selling pressure.
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