EURJPY Down 2 Pips Over Past Hour, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 22, 2021 2:19 GMT)

At the time of this writing, EURJPY’s rate is down -1.7 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on EURJPY; it is now pointing down. 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 down 6 pips (0.05%) since yesterday (opening today near 130.035), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, EURJPY ranked 18th yesterday in terms of percentage price change. Let’s take a look at price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Notably, the current price of EURJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURJPY’s price has gone down 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.