EUR/JPY Price Recap
The back and forth price flow continues for EUR/JPY, which starts today off at 119.046 US dollars, up 18 pips 0.15% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 40.74% from the day before — and down 40.88% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 8th for the day in terms of day-over-day price change. Below is a price chart of EUR/JPY.
EUR/JPY Technical Analysis
The first thing we should note is that EUR/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 119.5 pips away. Volatility for EUR/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 14 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Rising Channel breakout and two point of the top resistance 123.000. i don’t know fucking Where they going.hahaha