EUR/JPY Moves Up For the 2nd Day In A Row, Crosses 100 and 200 Day Moving Averages; Sentiment Suggests Sellers in Charge

EUR/JPY Price Recap

EUR/JPY is up 57 pips (0.47%) since yesterday (with its current price near 120.865), marking the 2nd day in a row it has gone up. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 59.39% from the day prior, and up 71.59% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/JPY ranked 10th yesterday in terms of percentage price change. The price chart of EUR/JPY below illustrates.

EUR/JPY Technical Analysis

Notably, EUR/JPY crossed above its 100 and 200 day moving averages yesterday. 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 50 day average, which is 14.9 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 30 days EUR/JPY’s price has gone up 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 5 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.22, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, double top and head and shoulders technical patterns. Here’s a piece we found on that we thought you might enjoy.