EURJPY Up 4 Pips On Hourly Chart, Moves Up For the 5th Day In A Row; is Inching Close to 50 and 100 Day Averages

Hourly Update

(Last Updated September 3, 2021 2:17 GMT)

At the time of this writing, EURJPY’s rate is up 3.6 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 an uptrend 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 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 19 pips (0.15%) since the previous day (opening today near 130.536), marking the 5th day in a row it has gone up. Out of the 39 instruments in the Forex asset class, EURJPY ended up ranking 15th for the day in terms of price change. The price chart of EURJPY below illustrates.

EURJPY

EURJPY Technical Analysis

The first thing we should note is that the current price of EURJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 54.6 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 9 out of the past 10 days.