EUR/JPY Price Analysis: Pair finally broke down below support and fell towards 163.00.
EUR/JPY sank on Friday to near 163.10 after a 0.72% decline on the day.
Pair's price action plunged to 163.00 after facing rejection at the 164.00 SMA.
The MACD and RSI technical indicators signaled increasing selling pressure, contributing to the pair's downtrend.
The EUR/JPY currency pair witnessed a significant decline on Friday, losing 0.72% to reach a low of 163.10. Prior to this drop, the pair faced resistance at the 164.00 Simple Moving Average (SMA), which contributed to its downward movement.
The technical indicators employed in this analysis, namely the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), further underscore the bearish sentiment surrounding the EUR/JPY pair. The MACD histogram's red coloration and increasing size point to rising selling pressure, corroborated by the MACD line's position below the signal line. The RSI, with a value of 43, resides in negative territory and exhibits a sharply declining slope, indicating an increase in selling pressure.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.