EURJPY Down 2 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 16, 2020 23:16 GMT)

Currently, EURJPY’s rate is down -1.9 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 doji candlestick pattern on EURJPY. Given that we see downtrend 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 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 is down 52 pips (0.41%) since the previous day (opening today near 124.9), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, EURJPY gave its buyers a return that ranked 38th in terms of percentage change since the previous day. Below is a price chart of EURJPY.

EURJPY

EURJPY Technical Analysis

Coming into today the current price of EURJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURJPY’s price has gone down 18 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 14 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I will continue to monitor price at these key levels, and ensure price action follows through….Watch the chart and ensure using price action, or your strategy as well….This is just a set you in my own trading plan, please ensure you observe price action, and watch the price itself for your own strategy too :).


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram