The daily RSI has continued on its downward trajectory, backed by the rising red bards on the MACD.
Previously strong support at 20-day SMA has been breached, opening the potential for further bearish movements in the short term.
The existing bullish trend finds defense in the 100 and 200-day SMAs, around the 164.00 and 161.00 levels respectively.
In Tuesday's session, the EUR/JPY pair endured significant selling pressure pushing below the cross below the strong support level of the 20-day Simple Moving Average (SMA) at 169.30, and touching a low of 168.50. Although this bearish movement puts a dampener on the outlook over the short term, the overall bullish outlook remains unaffected.
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