EURJPY Down 2 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 17, 2020 23:15 GMT)

At the time of this writing, EURJPY’s rate is down -2.3 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURJPY is down 52 pips (0.41%) since yesterday (opening today near 124.9), marking the 2nd straight day a decline has happened. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 38th for the day in terms of price change. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Notably, EURJPY is now close to its 20 and 50 day averages, located at 125.5225 and 124.502 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EURJPY’s price has gone down 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 18 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.69, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Be sure to leave a comment let us know how do you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram