The EUR/JPY currency pair on the 4-hour time frame has been following an uptrend recently. The price broke above key resistance level of 126.183 and registered the highest level in 3 weeks at 126.271 on 12 April. The price action in EUR/JPY is mainly driven by the strength in Euro. The price is currently hovering around 126.200 with positive MACD and RSI above 50.
The 4-hour chart of the EUR/JPY confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/JPY. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. But, one important thing to notice in EUR/JPY is that RSI is currently in overbought area, which may open doors for short-term bearish move.
In alternative scenario, key support level lies at 123.668 (Latest swing low). Bears must break this level in order to regain bearish sentiment in the market.
The 4-hour chart of the EUR/JPY confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/JPY. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. But, one important thing to notice in EUR/JPY is that RSI is currently in overbought area, which may open doors for short-term bearish move.
In alternative scenario, key support level lies at 123.668 (Latest swing low). Bears must break this level in order to regain bearish sentiment in the market.