EUR/JPY Down 17 Pips, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 90 Days

EUR/JPY Price Recap

EUR/JPY is down 17 pips (0.14%) since yesterday (with its current price near 118.867), marking the 3rd day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 30.97% from the day before — and down 25.41% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/JPY ranked 31st yesterday in terms of percentage price change. Below is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Coming into today EUR/JPY is now close to its 20, 50, 100 and 200 day averages, located at 120.4009, 121.0687, 120.4569 and 120.4617 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 153.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 9 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.36, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Descending triangle pattern (bearish). Target is based on monthly pivot and fibonacci extension.