EURJPY Up 2 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 23, 2020 0:16 GMT)

At the moment, EURJPY’s rate is up 1.9 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. 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 59 pips (0.48%) since yesterday (opening today near 123.18), marking the 2nd consecutive day a decline has happened. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 29th for the day in terms of price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 5 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

As supporting by fib levels and support,resistance levels it will be sell


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