(Last Updated September 11, 2020 16:15 GMT)
At the time of this writing, EURJPY’s rate is down -0.6 pips (0%) from the hour prior. EURJPY has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. 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. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. Of note is that the 20 hour changed directions on EURJPY; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
A moment of silence, please, for the end of EURJPY’s 6 day down streak; price ended the day prior up 48 pips (0.38%) to finish the day at a rate of 125.311. Out of the 40 instruments in the Forex asset class, EURJPY ended up ranking 9th for the day in terms of price change. Let’s take a look at price chart of EURJPY.
EURJPY Technical Analysis
Coming into today EURJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 9 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 16 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.6, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
EUR/JPY as the title suggests, is in a Bull flag.Enter in the flag, preffered around 125.380.I am taking profit around 125.650 and 125.900.Good luck with this trade!Tibor