EUR/JPY Down 79 Pips; in a Downtrend Over Past 14 Days

EUR/JPY Price Recap

EUR/JPY is down 79 pips (0.67%) since yesterday (with its current price near 116.997), marking the 2nd day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 38.97% from the day prior, and up 52.22% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/JPY ranked 23rd yesterday in terms of percentage price change. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Coming into today EUR/JPY is now close to its 20 day averages, located at 119.3791 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 20 day average, which is 238.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 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

Of note is that traders in aggregate have opinions on EURJPY, with 17 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.21, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/XiWgSImr/Long trade went active this evening on EURJPY.Reason – bullish breakout of a falling channel after a test of a current structure low.Entry – 116.890 (618 of a pullback leg)Stop – 116.00T1 – 117.69T2 – 118.48good luck!please, support the idea with like! thank you!