Forex
EUR/JPY Tumbles Under Persistent Selling Pressure
The EUR/JPY currency pair has been experiencing heavy technical selling pressure, resulting in its value decreasing. The current price is ¥178.16, a decline of 1.1924 or 0.66%.
This downward trend is confirmed by the fact that the pair is trading below its short-, medium-, and long-term moving averages. The Moving Average-20 (MA-20) stands at ¥183.4, while the MA-50 and MA-200 are at ¥184.02 and ¥184.44 respectively.
The multiple momentum indicators such as MACD (-2.1), ADX, and Awesome Oscillator all show strong bearish trends. The Relative Strength Index (RSI) at 28.09 and Commodity Channel Index (CCI) at -119.91 point to oversold conditions, indicating a potential risk of a technical bounce.