EURJPY Down 15 Pips in Last Hour, Moves Up For the 2nd Straight Day; is Inching Close to 20, 50 and 200 Day Averages

Hourly Update

(Last Updated October 6, 2021 10:17 GMT)

Currently, EURJPY’s rate is down -15.1 pips (-0.12%) 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. 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 42 pips (0.32%) since the day prior (opening today near 129.29401), marking the 2nd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 13th for the day in terms of price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

Notably, EURJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 2.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURJPY; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Overall, EUR/JPY is ranging across. Recently, EUR/JPY broke above the key level of 129.The eurozone Retail Sales m/m data (Forecast: 0.7%, Previous: -2.3%) will be released later at 1700 (GMT+8).EUR/JPY’s next support zone is at 128.500 and the next resistance zone is at 130.000.Look for buying opportunities of EUR/JPY.