EUR/JPY PRICE ANALYSIS: BULLS GAIN CONTROL, BUYERS MIGHT START TO TAKE PROFITS

• RSI on the daily chart for EUR/JPY reveals growing buying momentum, while contrasting MACD may suggest a steady bearish sentiment.
• The hourly RSI near overbought condition may signal that the pair may consolidate in the next hours.

The EUR/JPY pair is seen holding comfortable grounds at 161.83, marking a gain of 0.31%. On the shorter timeframes indicators gained significant ground and are near overbought territory which could mean the pair might consolidate in the next hours. Overall, the outlook remains bullish but the buyers must regain the 20-day Simple Moving Average (SMA) to make the short-term outlook more positive.

On the daily chart for EUR/JPY, the Relative Strength Index (RSI) is showing a positive trend. It has increased from negative to positive territory, signaling stronger buying momentum. However, the decreasing red bars of the Moving Average Convergence Divergence (MACD) imply bearish but less intense momentum