EUR/JPY Down 6 Pips On Hourly Chart, Crosses 20 Day Moving Average; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated May 11, 2022 1:43 GMT)

At the moment, EURJPY’s rate is down -5.8 pips (-0.04%) from the hour prior. The hourly chart shows that EURJPY has seen 2 straight down hours. 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)

EURJPY, which opened today priced near 137.284, is down 53 pips 0.39% since yesterday, marking a reversal from the day prior — and the end of a 5 day positive run. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 33rd for the day in terms of price change. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURJPY crossed below its 20 day moving average yesterday. Rangebound traders may wish to note that EURJPY is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURJPY’s price has gone up 17 them.