EURJPY Up 1 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated April 8, 2021 3:19 GMT)

Currently, EURJPY’s rate is up 0.8 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 some doji and pin bar candlestick patterns 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. Of note is that the 50 hour changed directions on EURJPY; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURJPY is up 9 pips (0.07%) since yesterday (opening today near 130.414), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 13th in terms of percentage change since yesterday. Let’s take a look at price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that EURJPY is now close to its 20 and 50 day averages, located at 129.7195 and 128.5894 respectively, and thus may be at a key juncture along those timeframes. 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 30 days EURJPY’s price has gone up 17 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.