EUR/JPY Down 11 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Crosses 20 Day Moving Average

Hourly Update

(Last Updated December 20, 2021 1:38 GMT)

At the time of this writing, EURJPY’s rate is down -10.8 pips (-0.08%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURJPY has now gone down 13 of the past 14 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 is down 88 pips (0.69%) since yesterday (opening today near 127.764), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 35th for the day in terms of price change. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Notably, EURJPY crossed below its 20 day moving average yesterday. 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 65.2 pips away. Volatility for EURJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 19 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 6 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Overall, EUR/JPY is ranging across.EUR/JPY’s next support zone is at 127.200 and its next resistance zone is at 128.500.Look for short-term selling opportunities of EUR/JPY.