EURJPY Up 12 Pips in Last Hour, Entered Today Down For the 2nd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated May 6, 2021 3:18 GMT)

At the moment, EURJPY’s rate is up 12.2 pips (0.09%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURJPY. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

EURJPY is down 18 pips (0.14%) since yesterday (opening today near 131.149), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 28th for the day in terms of price change. 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 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!