EUR/JPY Up 11 Pips On Hourly Chart, Entered Today Up For the 6th Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 3, 2022 1:40 GMT)

At the moment, EURJPY’s rate is up 11 pips (0.08%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURJPY has now gone up 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 up 93 pips (0.67%) since the previous day (opening today near 139.577), marking the 6th consecutive day it has gone up. Relative to other instruments in the Forex asset class, EURJPY ranked 10th the previous day in terms of percentage price change. Let’s take a look at price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20 and 50 day averages, located at 136.3955 and 136.4254 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 50 day average, which is 315.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURJPY’s price has gone up 10 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/jMdVglpF/ Hello, Friends! EUR/JPY appeared on my radar todayWith the recent news and corresponding price actionMaking me bullish on the pairTherefore, a move up is to be expected BUY! ✅LIKE AND COMMENT MY IDEAS✅