EUR/JPY Down 26 Pips On Hourly Chart, Came Into Today Down For the 2nd Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated May 12, 2022 1:39 GMT)

Currently, EURJPY’s rate is down -25.6 pips (-0.19%) from the hour prior. This is the 2nd consecutive hour EURJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 down 78 pips (0.57%) since the day prior (opening today near 136.505), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 33rd for the day in terms of price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Traders interested in playing the ranges may wish to consider that the unclear trend on the 14 day chart, coupled with price being close to the upper bollinger band may be signalling a short opportunity. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days.