Increasing bearish pressure is shown by the RSI and MACD of both hourly and daily charts.
Sellers appear to have control, after gaining the 20-day SMA.
Buyers need to maintain control over the 100 and 200-day SMAs to prevent further bearish inclination.
The EUR/JPY pair is settling at the 163.00 level, displaying a noteworthy shift favoring the sellers. Although the pair is securely situated above key long-term Simple Moving Averages (SMAs), implying a possible enduring bullish bias, recent indicators suggest a change in the narrative for the short term.
On the daily chart the Relative Strength Index (RSI) indicates a negative trend, having dropped from positive territory to 46. Illustrating this downward trajectory, the Moving Average Convergence Divergence (MACD) also prints red bars, indicating a negative momentum underway
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