EURJPY Up 12 Pips Over Past Hour, 4 Day Down Streak Ended; is Inching Close to 20 and 100 Day Averages

Hourly Update

(Last Updated October 19, 2020 10:17 GMT)

At the moment, EURJPY’s rate is up 11.9 pips (0.1%) from the hour prior. EURJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning above it. 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)

After 4 down days, EURJPY snaps its streak, rising 4 pips (0.03%) over the past day to close at an exchange rate of 123.465. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 20th in terms of percentage change since the previous day. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that the current price of EURJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 5.6 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 up. Or to simplify this another way, note that out of the past 30 days EURJPY’s price has gone down 16 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.