(Last Updated May 28, 2021 1:19 GMT)
Currently, EURJPY’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 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 entered today at 133.077, down 19 pips (0.14%) from the day prior. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 27th for the day in terms of price change. The price chart of EURJPY below illustrates.
EURJPY Technical Analysis
Notably, EURJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for EURJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 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 16 them.