EURJPY Up 1 Pips On Hourly Chart, Came Into Today Up For the 3rd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 15, 2020 23:16 GMT)

At the time of this writing, EURJPY’s rate is up 0.9 pips (0.01%) from the hour prior. The hourly chart shows that EURJPY has seen 2 straight up hours. Regarding the trend, note that the strongest trend 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 downtrend on the 20 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 up 35 pips (0.28%) since yesterday (opening today near 125.72), marking the 3rd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 7th for the day in terms of price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Notably, EURJPY crossed above its 20 day moving average yesterday. 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 down 17 out of the past 30 days.

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 20 sell signals. This imputes a buy/sell ratio of 0.3, which is bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

also we can use Fibonacci retracement tool for set better targets , as you can see level 38% is near to our 250 pips distance and we can call it our first target….after breaking the neck line you can enter position and set your stop loss above the neck line based on your risk management and entry point….so our targets are : 122.3000 , 120.8000 and 119.3000 and you can set stop loss 40 to 80 pips above the neck line.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram