Even though daily chart indicators reveal weakening momentum, the overall trend remains positive.
In the hourly chart, the RSI deep in the negative area implies sellers are in charge during the day's trading.
To maintain momentum, the bulls need to defend the 20-day SMA.
In Thursday's session, the EUR/JPY pair is trading at around 163.40, experiencing a minor loss. The broader perspective leans in favor of the bulls, indicating buying strength that keeps the pair above its 20, 100, and 200-day Simple Moving Averages (SMAs). Despite this, there is evidence of mounting selling pressure on the daily chart.
On the daily chart, the Relative Strength Index (RSI) descended from nearing overbought conditions last week towards 54. The MACD histogram also indicates that buyer momentum might be waning, as inferred from the flat green bars. These market indicators suggest potential near-term volatility in the pair's direction
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