EURJPY Down 9 Pips On Hourly Chart, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 12, 2020 1:17 GMT)

At the moment, EURJPY’s rate is down -9.2 pips (-0.07%) from the hour prior. This is the 2nd straight hour EURJPY has seen its price head 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 entered today at 124.356, down 10 pips (0.08%) from yesterday. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 29th for the day in terms of price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20, 50 and 100 day averages, located at 123.2588, 123.9001 and 123.7387 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 50 day average, which is 45.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 and 90 day periods 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. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!