EURJPY Down 2 Pips in Last Hour, Came Into Today Up For the 3rd Consecutive Day; Breaks Above 20 Day Average

Hourly Update

(Last Updated September 14, 2020 23:15 GMT)

At the moment, EURJPY’s rate is down -1.6 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, with price now being below it. 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)

EURJPY is up 35 pips (0.28%) since the previous day (opening today near 125.72), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURJPY ranked 7th the previous day in terms of percentage price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

First things first: EURJPY crossed above its 20 day moving average yesterday. 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 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURJPY, with 13 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of gartley and harmonic technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURJPY such a clear fakeout to the upside, taking out the retailers before dropping and breaking the counter trendline, simple clean trade, nice for a Monday!


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