EURJPY Down 31 Pips On Hourly Chart, 6 Day Down Streak Ended; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 10, 2020 16:15 GMT)

Currently, EURJPY’s rate is down -31 pips (-0.25%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

After 6 down days, EURJPY snaps its streak, rising 48 pips (0.38%) over the past day to close at an exchange rate of 125.311. Relative to other instruments in the Forex asset class, EURJPY ranked 9th the day prior in terms of percentage price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20 and 50 day averages, located at 125.6555 and 124.1591 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. For additional context, note that price has gone down 7 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 20 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.82, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EUR/JPY as the title suggests, is in a Bull flag.Enter in the flag, preffered around 125.380.I am taking profit around 125.650 and 125.900.Good luck with this trade!Tibor


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