(Last Updated May 28, 2020)
Hello! This is the news page for EURJPY. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on EURJPY, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
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 100) — are bullish, suggesting the trend is generally upward, aside from a drop about 3 months prior. Moreover, it should also be noted that the 50 SMA just turned bullish today.
The chart below illustrates.
As for correlation, As for assets in the Forex asset class EURJPY has been correlated to over the past week, it has demonstrated the strongest correlation with EURUSD. EURUSD is the asset with which EURJPY has been most correlated with over the past two weeks as well, so this may be a recurring pattern. On the flip side, the asset least correlated with EURJPY over the past week has been EURGBP, but over the past two weeks, the asset least correlated with EURJPY has been GBPCHF. The chart below illustrates EURJPY against its least correlated assets.
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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 16 out of the past 30 days.
Compared to its peers in the forex, eur/jpy gave its buyers a return that ranked 21st in terms of percentage change since the previous day.
Relative to other instruments in the forex asset class, eur/jpy ranked 12th the day prior in terms of percentage price change.
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It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.