• The daily RSI for EUR/JPY highlights a decline from overbought levels to negative territory, depicting seller dominance.
• Similar to the RSI, the daily MACD shows increasing negative momentum.
• On the hourly chart, low RSI values and a flat red MACD histogram point to a growing near-term bearishness.

The EUR/JPY pair trades at 164.65,  tallying sharp losses on Thursday. Despite the increasing selling pressure, the long-term optimism remains intact, but bears are making their case as they reclaimed the 20-day Simple Moving Average (SMA) which worsened the outlook for the short term.