EUR/JPY Up 3 Pips Over Past Hour, in an Uptrend Over Past 30 Days; Eyes 200 Day Average

Hourly Update

(Last Updated January 12, 2022 1:40 GMT)

At the moment, EURJPY’s rate is up 3 pips (0.02%) from the hour prior. EURJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 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 entered today at 131.123, up 50 pips (0.38%) from the day prior. Relative to other instruments in the Forex asset class, EURJPY ranked 7th the day prior in terms of percentage price change. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Notably, the current price of EURJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 54.9 pips away. 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.