EURJPY Up 2 Pips in Last Hour; Moves Down For the 3rd Straight Day

Hourly Update

(Last Updated September 24, 2020 0:16 GMT)

Currently, EURJPY’s rate is up 2.2 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 20 hour changed directions on EURJPY; it is now pointing up. 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 33 pips (0.27%) since the day prior (opening today near 122.851), marking the 3rd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, EURJPY ranked 28th the day prior in terms of percentage price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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.


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