EUR/JPY Heads Down For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

EUR/JPY Price Recap

EUR/JPY is down 33 pips (0.28%) since yesterday (with its current price near 119.779), marking the 2nd day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 13.29% from the day before — and down 28.16% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 30th for the day in terms of day-over-day price change. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Notably, EUR/JPY is now close to its 20, 50, 100 and 200 day averages, located at 121.0144, 121.1664, 120.4087 and 120.5496 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 100 day average, which is 63 pips away. Volatility for EUR/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days EUR/JPY’s price has gone down 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 12 buy signals on our radar and 37 sell signals. This imputes a buy/sell ratio of 0.32, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hidden divergencePrice make Higher LOWStoch make Lower LOWBUY at stoch cross over