EURJPY Up 2 Pips On Hourly Chart, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 23, 2020 2:17 GMT)

At the time of this writing, EURJPY’s rate is up 1.9 pips (0.02%) from the hour prior. This is the 2nd hour in a row EURJPY has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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)

The back and forth price flow continues for EURJPY, which started today off at 123.077, down 10 pips 0.08% from yesterday. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20, 50, 100 and 200 day averages, located at 123.1355, 123.592, 123.9695 and 121.3778 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 5.8 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!