EURJPY Is the Bullish Party Over or Just Taking a Breather?
The pair is coming off a recent lower high, signaling a potential shift from the previous bullish trend. A minor pullback has formed near the 156.90 support zone, which aligns with prior structural levels.
RSI hovers near neutral (40-50), suggesting that momentum has cooled but not yet oversold. This indicates a wait-and-see phase before the next directional move.
The MACD histogram is firmly in bearish territory, confirming downward momentum. However, the histogram is narrowing, which could point to weakening bearish pressure.
A bounce off 156.90 coupled with bullish divergence on the RSI or MACD would indicate a potential reversal back toward resistance at 158.00 or higher. If price breaks below 156.90, expect a move toward 154.60, with bears likely targeting this zone.
RSI hovers near neutral (40-50), suggesting that momentum has cooled but not yet oversold. This indicates a wait-and-see phase before the next directional move.
The MACD histogram is firmly in bearish territory, confirming downward momentum. However, the histogram is narrowing, which could point to weakening bearish pressure.
A bounce off 156.90 coupled with bullish divergence on the RSI or MACD would indicate a potential reversal back toward resistance at 158.00 or higher. If price breaks below 156.90, expect a move toward 154.60, with bears likely targeting this zone.
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