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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.