EURJPY Down 2 Pips in Last Hour, Came Into Today Down For the 4th Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated September 7, 2020 15:15 GMT)

At the moment, EURJPY’s rate is down -2.1 pips (-0.02%) 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 100 hour timeframe. Of note is that the 20 hour changed directions on EURJPY; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 11 pips (0.09%) since yesterday (opening today near 125.723), marking the 4th consecutive day a decline has happened. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 21st for the day in terms of price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

Notably, the current price of EURJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 13 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders,EURJPY is on our selling list as it has a broken trend line with RSI DIV that is so textbook reason for the end of a trend. You might take a chance to sell it to next lower level for 350 pips possibility profit.Good luck!LESS IS MORE!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram