(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 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 ❤️