(Last Updated September 22, 2020 0:16 GMT)
At the moment, EURJPY’s rate is down -2 pips (-0.02%) from the hour prior. This is the 3rd hour in a row EURJPY has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURJPY entered today at 123.775, down 32 pips (0.26%) from the previous day. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 29th in terms of percentage change since the previous day. Let’s take a look at price chart of EURJPY.
EURJPY Technical Analysis
Notably, EURJPY is now close to its 20, 50, 100 and 200 day averages, located at 125.3237, 124.674, 122.0442 and 120.8461 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 19 out of the past 30 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 7 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
EURJPY broke out short last week from it’s recent ranging channel. Looking for further opportunities to short the continuation. This pullback needs to end before entry. Waiting on the price action.