(Last Updated September 8, 2020 15:15 GMT)
Currently, EURJPY’s rate is down -27 pips (-0.22%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 11 pips (0.09%) since yesterday (opening today near 125.723), marking the 4th day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 21st for the day in terms of price change. The price chart of EURJPY below illustrates.
EURJPY Technical Analysis
Notably, the current price of EURJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURJPY’s price has gone down 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 14 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.64, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
eurjpy looks like it will change the trend to go bearish. sell opportunity at fib retracement