EUR/JPY MACD fails to challenge recent highs

EUR/JPY could be facing downside pressure as its MACD failed to test recent highs.

A bearish divergence between EUR/JPY spot behavior and the MACD over the last few weeks suggests downside vulnerability ahead. Further, the MACD line crossed below its signal line on a 4-hour closing basis, an event that can be interpreted as a bearish omen.