Continued placement of EUR/JPY above key SMA levels shows strong bullish sentiment.
The daily chart indicators reveal a loss of the bullish momentum.
The hourly RSI and rising MACD depict short-term buyers' shift to regain momentum.
The pair's approach towards the key SMA level at 163.09 raises the possibility of a trend shift.
The EUR/JPY pair currently trades at approximately 164.37, indicating a slight decrease. Despite the bullish trend, traders must closely monitor for potential reversals as the bullish momentum wanes on the daily chart and bears approach the 20-day Simple Moving Average (SMA).
On the daily chart, The Relative Strength Index (RSI) consistently has been within the positive territory, but on Thursday it pointed south suggesting a loss of buying traction. The Moving Average Convergence Divergence (MACD) prints diminish green bars, also adding arguments to the momentum loss
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