Despite the red flag hinted by the negative territory of the daily MACD, the buying momentum continues to strengthen.
The hourly RSI and MACD reveal a consolidation phase in the market, indicating a temporary balance between buyers and sellers.
The short-term outlook now favors the bulls as sellers failed to consolidate below the 20-day SMA.
On Tuesday, the EURJPY rose by 0.36% to 166.35, and successfully secured a position above the key 20-day Simple Moving Average (SMA), alluding to the prevailing power of the bulls in the current market. Indicators on the daily chart improved while buyers seem to be consolidating gains on the hourly chart
