EURJPY Up 6 Pips in Last Hour, Moves Down For the 2nd Straight Day; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated November 12, 2020 22:17 GMT)

Currently, EURJPY’s rate is up 6.2 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURJPY is down 21 pips (0.17%) since the day prior (opening today near 124.144), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, EURJPY ranked 29th the day prior in terms of percentage price change. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 27.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURJPY’s price has gone down 17 them.