EUR/JPY Expected to Rebound Following Recent Downtrend

Saturday, 13 July 2024, 09:41

EUR/JPY experienced a significant decline following a brief uptrend to 175.41 last week. With a bearish divergence observed in the 4H MACD, it suggests a potential short-term peak. While a deeper correction is possible, downside movement is likely to find support around 170.87 before a rebound occurs, setting the stage for consolidation. A decisive break below 170.87 could indicate a larger correction underway, targeting levels around 167.52 and lower.

Actionforex — EUR/JPY Expected to Rebound Following Recent Downtrend

EUR/JPY Weekly Outlook

EUR/JPY dropped sharply after peaking at 175.41, indicating a possible short-term peak.

Key Points:

Technical Analysis: Bearish divergence observed in the 4H MACD.
Support Levels: Downside movement expected to be contained around 170.87.
Potential Rebound: Rebound anticipated after consolidation phase.
Breakout Scenario: Significant downside movement may target 167.52 and lower levels.

Overall, the outlook for EUR/JPY suggests a cautious approach with attention to critical support and resistance levels.

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 Weekly Outlook

Key Points:

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