This is the 3rd hour in a row eurjpy has seen its price head down.
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
It’s been a feast for bulls operating on an hourly timeframe, as eurjpy has now gone up 4 of the past 5 hours.
This imputes a buy/sell ratio of 0.69, which is bearish.
This imputes a buy/sell ratio of 1.4, which is bullish.
Price action traders may also wish to note that we see a doji candlestick pattern on eurjpy.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurjpy.
Relative to other instruments in the forex asset class, eurjpy ranked 9th the day prior in terms of percentage price change.