EUR/JPY's Break of Support and MACD Divergence Point to Possible Trend Reversal

Thursday, 11 July 2024, 13:51

EUR/JPY has broken a key support level at 173.50, indicating a possible formation of a short term top at 175.41. Bearish divergence in the 4H MACD adds weight to this assessment. Although no definitive trend reversal signals have emerged yet, a deeper pullback is feasible, with potential support at 170.87 to initiate a rebound. A decisive breach of 170.87 would suggest a larger correction phase in progress.

Actionforex — EUR/JPY's Break of Support and MACD Divergence Point to Possible Trend Reversal

EUR/JPY Mid-Day Outlook

Key Points:

Support Break: EUR/JPY breaches 173.50 support level
MACD Divergence: Bearish signal in 4H MACD
Potential Reversal: Short term top likely at 175.41

Although a trend reversal is not confirmed, a pullback could find support at 170.87. A breach of this level could indicate a larger correction in progress below 175.41.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

EUR/JPY Mid-Day Outlook

Key Points:

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