EURJPY Up 1 Pips On Hourly Chart, Came Into Today Up For the 2nd Day In A Row; Breaks Above 20, 50 and 200 Day Averages

Hourly Update

(Last Updated October 12, 2021 0:18 GMT)

At the time of this writing, EURJPY’s rate is up 1.1 pips (0.01%) from the hour prior. The hourly chart shows that EURJPY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend 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. 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 81 pips (0.62%) since the previous day (opening today near 129.85001), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 3rd for the day in terms of price change. Here is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

First things first: EURJPY crossed above its 20, 50 and 200 day moving averages 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 200 day average, which is 4 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 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 days.