EUR/JPY Down 4 Pips in Last Hour, 2 Day Up Streak Snapped; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 14, 2022 1:42 GMT)

At the moment, EURJPY’s rate is down -3.6 pips (-0.03%) 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 20 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)

The back and forth price flow continues for EURJPY, which started today off at 130.758, down 44 pips 0.34% from the day prior. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 31st in terms of percentage change since the day prior. Let’s take a look at price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today the current price of EURJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 17.8 pips away. 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 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 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 8 out of the past 14 days.