(Last Updated June 23, 2022 1:39 GMT)
At the time of this writing, EURJPY’s rate is down -24.4 pips (-0.17%) from the hour prior. EURJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)
After 3 up days, EURJPY snaps its streak, falling 0 pips (0%) over the past day to close at an exchange rate of 143.94. Relative to other instruments in the Forex asset class, EURJPY ranked 17th yesterday in terms of percentage price change. Below is a price chart of EURJPY.
EURJPY Technical Analysis
The first thing we should note is that EURJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for EURJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURJPY, with 10 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I see Double Top pattern on Daily and 4 H TimeframeSell EurJpy NowTake Profit Area : 143.13 – 142. 86Stop Loss Above 144.25