EUR/JPY PRICE ANALYSIS: BEARS HOLD SHORT-TERM DOMINANCE, LONG-TERM BULLISH OUTLOOK PERSISTS

• Daily chart analysis reveals heightened selling pressure with the RSI and MACD deep in the negative zone.
• The hourly chart saw a short-lived recovery in the indicators.
• Although the pair has experienced recent declines, its positioning above the key SMAs signals an ongoing bullish outlook.

In Monday's session, the EUR/JPY pair is trading at 160.57, showing a daily decrease of 0.19%. Despite ongoing fluctuations, it is currently observed that the sellers are moderating the buyers' strength. A short-lived recovery seen in the shorter time frames seems to be waning.

On the daily chart, the Relative Strength Index (RSI) measures around 41, indicating strong selling pressure. A downtrend was noted from being in positive territory a week ago at a peak of approximately 65 as the seller seized control. Concurrently, the Moving Average Convergence Divergence (MACD) histogram is witnessing rising red bars, interpreting a growth in negative momentum.