EUR/JPY Bulls Take a Breather After Strong Rally, But Long-Term Outlook Remains Positive
• EUR/JPY shows an overall bullish trend, but signs of short-term bearish correction emerging • Daily chart indicates strong buying momentum, but RSI suggests overbought conditions • Hourly chart shows selling pressure increasing, with MACD printing red bars • Despite short-term outlook, pair still trades above key SMAs on daily timeframe • Sustained break below 20, 100, or 200-day SMAs could indicate shift in trend