EUR/JPY Up 3 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; Breaks Above 50 Day Average

Hourly Update

(Last Updated September 24, 2021 1:47 GMT)

Currently, EURJPY’s rate is up 3.5 pips (0.03%) from the hour prior. This is the 2nd consecutive hour EURJPY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend on the 20 and 10 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 up 115 pips (0.9%) since the day prior (opening today near 129.517), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 10th in terms of percentage change since the day prior. Let’s take a look at price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

First things first: EURJPY crossed above its 50 day moving average yesterday. 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 50 day average, which is 1 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURJPY’s price has gone down 9 them.