EURJPY Up 1 Pips On Hourly Chart, Moves Down For the 3rd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 13, 2021 11:17 GMT)

At the moment, EURJPY’s rate is up 0.7 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. 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 3 pips (0.02%) since the day prior (opening today near 129.774), marking the 3rd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, EURJPY ranked 23rd the day prior in terms of percentage price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20, 50, 100 and 200 day averages, located at 129.5026, 129.7863, 131.134 and 129.5211 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 1.2 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURJPY’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 7 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.78, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Overall, EUR/JPY is ranging across.Currently, EUR/JPY is testing the resistance zone of 130.000 and the next support zone is at 128.500.Look for selling opportunities of EUR/JPY if it rejects the resistance zone of 130.000.