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.
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.
EUR/JPY daily chart Looking at the broader picture, despite the short-term bearishness, the lengthy bullish trend remains unaffected for the moment. The support given by the 100 and 200-day Simple Moving Averages at 164.00 and 161.00 respectively will need to be broken in order to flip the table. Conversely, for the bulls to regain momentum, they will need to recapture the 169.30 region, which recently turned from support to resistance. EUR/JPY Overview Today last price 168.
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