EURJPY Down 2 Pips On Hourly Chart, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 16, 2021 2:17 GMT)

At the time of this writing, EURJPY’s rate is down -1.8 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURJPY. Given that we see an uptrend on the 10 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 29 pips (0.22%) since the previous day (opening today near 129.205), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 26th for the day in terms of price change. 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 36.7 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!