EUR/JPY Down 136 Pips; in a Downtrend Over Past 90 Days

EUR/JPY Price Recap

The back and forth price flow continues for EUR/JPY, which starts today off at 117.783 US dollars, down 136 pips 1.14% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 22.79% from the day prior, but up 9% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 35th for the day in terms of day-over-day price change. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Notably, EUR/JPY is now close to its 20, 50, 100 and 200 day averages, located at 119.481, 120.4111, 120.5956 and 120.1926 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 20 day average, which is 169.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EUR/JPY’s price has gone down 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 8 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.53, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

VENTA para el EURJPY, hasta tocar zona importante en retroceso de FIBONACCI, luego se espera la COMPRA para un futura VENTA más fuerte.