EUR/JPY Up 16 Pips in Last Hour, 2 Day Up Streak Broken; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated May 2, 2022 1:38 GMT)

At the time of this writing, EURJPY’s rate is up 16.5 pips (0.12%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 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)

The choppiness in the recent daily price action of EURJPY continues; to start today, it came in at a price of 136.899, down 66 pips (0.48%) since yesterday. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 29th for the day in terms of price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today EURJPY is now close to its 20 day averages, located at 136.6128 respectively, and thus may be at a key juncture along those timeframes. Rangebound traders may wish to note that EURJPY is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 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 10 days EURJPY’s price has gone up 5 them.