EURJPY Down 0 Pips Over Past Hour, Breaks Above 50 Day Average; in a Downtrend Over Past 14 Days
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
(Last Updated January 18, 2021)
Hello! This is the news page for EURJPY. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Euro Area Eurogroup Video Conference | NA | Euro | EUR | 2021-01-18 | 08:00 GMT | ||
Euro Area ECB President Lagarde Speech | NA | Euro | EUR | 2021-01-18 | 08:00 GMT | ||
European Union New Car Registrations YoY | Dec 2020 | Euro | EUR | 2021-01-19 | 07:00 GMT | ||
Euro Area ZEW Economic Sentiment Index | Jan 2021 | Euro | EUR | 2021-01-19 | 10:00 GMT | ||
Euro Area Construction Output YoY | Nov 2020 | Euro | EUR | 2021-01-19 | 10:00 GMT |
On EURJPY, we don’t see a clear trend until the 90 day basis, where we see a clear uptrend.
The moving averages on EURJPY summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 20) — are bullish, implying a upward trend, save for a decline that occurred about 3 weeks ago. Moreover, it should also be noted that the 20 SMA just turned bearish today.
Below is a chart showing EURJPY’s price with its moving averages.
As for assets in the Forex asset class EURJPY has been correlated to over the past week, it has demonstrated the strongest correlation with NZDCAD. If we zoom out to a two week basis, though, EURCHF is the asset most correlated to EURJPY. On the flip side, AUDCHF has been the asset least correlated with EURJPY — but over the past two weeks, EURTRY has been the asset least correlated with EURJPY. The chart below illustrates EURJPY against its least correlated assets.
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At the time of this writing, EURJPY’s rate is down -166 pips (-1.31%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly 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. The weekly chart below shows EURJPY’s price action over the past year.
Monthly view favors rangebound strategies. No clear trend on the 24, 60 and 120 month timeframes.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
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.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
Of note is that the 20 hour changed directions on eurjpy; it is now pointing up.
It’s been a feast for bears operating on an hourly timeframe, as eurjpy has now gone down 4 of the past 5 hours.
Or to simplify this another way, note that out of the past 30 days eurjpy’s price has gone up 15 them.
Price action traders may also wish to note that we see a doji candlestick pattern on eurjpy.
Or to simplify this another way, note that out of the past 14 days eurjpy’s price has gone up 7 them.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Volatility for eurjpy has been contracting over the past two weeks relative to volatility over the past month.