EUR/JPY Down 42 Pips; in a Downtrend Over Past 90 Days

EUR/JPY Price Recap

EUR/JPY enters today at 117.958 in US dollars, down 42 pips (0.36%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 17.81% from the day prior, but up 1.32% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/JPY ranked 21st yesterday in terms of percentage price change. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Notably, EUR/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 131.2 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 down 9 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 10 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.45, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a gartley technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

a potential unified gartley is setting up. detailed statistics for this pattern variation is on this screenshot: https://prnt.sc/ri5qk5