EUR/JPY PRICE ANALYSIS: BULLS CONTINUE DOMINATING, YET A CONSOLIDATION MAY BE INCOMING
- The daily RSI reveals increasing buying momentum, yet nearing overbought conditions hint at a potential technical correction ahead.
- The hourly chart indicates a shift in short-term momentum towards sellers, and indicators consolidate.
The EUR/JPY stands at 165.68, trading with mild gains still in multi-year highs. Current market trends lean towards bullish momentum, keeping buyers in a favorable position. However, daily indicators are nearing overbought conditions, while the hourly ones have already reached that threshold and seem to be consolidating ahead of the Asian session.
The Relative Strength Index (RSI) on the daily chart reveals a positive trend. It has climbed since mid-April from the mid-40s deep into positive territory with the latest reading at 65. This increase in RSI reveals that buyers have recently dominated the market. However, an approach towards the overbought threshold suggests a potential future market correction looming.
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