EUR/JPY Moves Down For the 2nd Day In A Row; 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. The price chart of EUR/JPY below illustrates.

EUR/JPY Technical Analysis

Coming into today the current price of EUR/JPY is sitting close to its 20 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 20 day average, which is 238.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 15 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. 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.

EMAS de 50 y 20 ya se cruzaron….Se espera retroceso en el nivel 61 de retroceso Fibonacci, que coincide con un soporte nuevo y no rompería linea de tendencia….Profits a alcanzar, nivel 127 retroceso de Fibonacci, 161 retroceso Fibonacci y 1.61 niveles de Fibonacci.