EURJPY Up 22 Pips On Hourly Chart, 3 Day Up Streak Broken; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated June 2, 2021 2:19 GMT)

Currently, EURJPY’s rate is up 21.6 pips (0.16%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURJPY has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them with price now being above them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURJPY, which opened today priced near 133.77, is down 18 pips 0.13% since the day prior, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 21st for the day in terms of price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20 and 50 day averages, located at 132.7862 and 131.2858 respectively, and thus may be at a key juncture along those timeframes. 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 days.