EUR/JPY PRICE ANALYSIS: BULLS PREVAIL IN THE SHORT-TERM SPHERE, INVESTORS START TO TAKE PROFITS

• Indicators from the hourly chart show that buyers are taking profits.
• As long as the cross holds above its main SMAs, the outlook will be positive.

The EUR/JPY is changing hands at 164.74, up by 0.28%. The buyers demonstrate a stronghold in the market, which has led to ascending buying momentum. On the hourly chart, indicators are correcting oversold conditions so the upside might be limited for the immediate short term.

On the daily chart, the Relative Strength Index (RSI) currently situated in the positive territory, suggests a strong prevalence of buyers in the market. Additionally, decreasing red bars on the Moving Average Convergence Divergence (MACD) histogram indicates a weak bearish momentum