EUR/JPY MACD indicates downside pressure

The failure of MACD to test recent highs indicates that EUR/JPY could be facing downside pressure soon.

Over the past two weeks, it has become evident that a bearish divergence between EUR/JPY spot and the MACD has developed, which typically implies weakness ahead. Additionally on a 4-hour chart, we can see that the MACD line pushed below its signal line, a further bearish forewarning.