EUR/JPY Down 14 Pips in Last Hour, Moves Up For the 3rd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated August 5, 2022 1:41 GMT)

At the moment, EURJPY’s rate is down -14.3 pips (-0.11%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 up 10 pips (0.07%) since yesterday (opening today near 136.18), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EURJPY ranked 18th yesterday in terms of percentage price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20, 100 and 200 day averages, located at 138.2895, 137.8979 and 133.7804 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 100 day average, which is 171.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!