As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
The closest is the 100 day average, which is 15.7 pips away.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
Out of the 40 instruments in the forex asset class, eur/jpy ended up ranking 32nd for the day in terms of day-over-day price change.
The closest is the 100 day average, which is 71.7 pips away.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
Volatility for gbp/jpy has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 4.49% from the day prior, but up 107.68% from the same day the week before.
Marked on the chart are areas i’ll be looking for buy and sell trades….
Relative to other instruments in the forex asset class, eur/usd ranked 26th yesterday in terms of percentage price change.