EUR/JPY Up 14 Pips in Last Hour, Came Into Today Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 13, 2022 1:38 GMT)

At the time of this writing, EURJPY’s rate is up 13.7 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 down 137 pips (0.96%) since the day prior (opening today near 141.3), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 33rd for the day in terms of price change. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days EURJPY’s price has gone up 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 4 sell signals. This imputes a buy/sell ratio of 3, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURJPY Bullish IdeaWeekly Trend: BullishDaily Trend: Bullish4hour Trend: BullishTrade scenario 1: Looking very bullish on EJ still but we can see price action is pulling back to our 140.000 level.From this level we’re looking for some sort of bullish reaction with strong setups to enter long on. Look to target higher toward 144.000 resistance if can spot a clear higher low above 140.000Trade scenario 2: For us to consider EJ bearish we need to start seeing structure below 140.000 support.