EUR/JPY Up 22 Pips in Last Hour, Fares the Worst Out of Forex; Makes Big Move Relative to Past Month

Hourly Update

(Last Updated May 13, 2022 1:40 GMT)

Currently, EURJPY’s rate is up 21.7 pips (0.16%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURJPY has now gone up 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 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)

EURJPY is down 329 pips (2.41%) since yesterday (opening today near 133.21001), marking the 3rd consecutive day it has gone down. Those trading within the Forex asset class should know that EURJPY was the worst performer in the class. Let’s take a look at price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

First things first: EURJPY crossed below its 50 day moving average yesterday. 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 up 7 them.