EUR/JPY Up 17 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Bearish Engulfing Pattern Present

Hourly Update

(Last Updated June 16, 2022 1:40 GMT)

At the moment, EURJPY’s rate is up 17.1 pips (0.12%) from the hour prior. This is the 2nd hour in a row EURJPY has seen its price head up. Regarding the trend, note that the strongest trend exists 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 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 139.78, down 131 pips (0.93%) since the previous day. Relative to other instruments in the Forex asset class, EURJPY ranked 34th the previous day in terms of percentage price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20 and 50 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 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 30 and 90 day