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Home ANALYSIS

EURJPY keeps the bounce going today

A.R Chowdhury by A.R Chowdhury
March 9, 2022
Reading Time: 5 mins read
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EURJPY keeps the bounce going today

EURJPY

EURJPY runs back higher

The  EURJPY 
EUR/JPY

The EUR/JPY is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the Japanese yen of Japan (symbol ¥, code JPY).  The pair’s rate indicates how many Japanese yen are needed in order to purchase one euro. For example, when the EUR/JPY is trading at 125.00, it means 1 euro is equivalent to 125 Japanese yen. The euro (EUR) is the world’s second most traded currency, whilst the Japanese yen (JPY) is the world’s third most traded currency, resulting in an extremely liquid pair. Why the EUR/JPY Remains an Attractive Option for TradersWhilst the spreads of currency pairs vary from broker to broker, generally speaking the EUR/JPY often stays within the 1 pip to 3 pip spread range. The EUR/JPY is one of a select few pairs which have a low spread yet decent daily range.  Important news announcements for this pair include the Consumer Price Index (CPI) for the Eurozone. Releases such as these give an idea of changes in the price of goods and services, and the Jobless Rate for Japan, which measures the percentage of unemployed in the country.For example, if this figure comes out as a lower percentage, it indicates strength in the Japanese economy, thereby pushing the EUR/JPY lower. Out of all the JPY pairs, it is the EUR/JPY that is arguably the most attractive to the broad spectrum of traders, regardless of their method of trading. Its low spread plus high volatility makes it a great candidate for both short- and long-term trading. Compared to the USD/JPY, it has a higher spread but higher range, whereas compared to the GBP/JPY, it has a lower spread but also a lower range. In this sense the EUR/JPY combines the best of both worlds, which explains part of its appeal

The EUR/JPY is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the Japanese yen of Japan (symbol ¥, code JPY).  The pair’s rate indicates how many Japanese yen are needed in order to purchase one euro. For example, when the EUR/JPY is trading at 125.00, it means 1 euro is equivalent to 125 Japanese yen. The euro (EUR) is the world’s second most traded currency, whilst the Japanese yen (JPY) is the world’s third most traded currency, resulting in an extremely liquid pair. Why the EUR/JPY Remains an Attractive Option for TradersWhilst the spreads of currency pairs vary from broker to broker, generally speaking the EUR/JPY often stays within the 1 pip to 3 pip spread range. The EUR/JPY is one of a select few pairs which have a low spread yet decent daily range.  Important news announcements for this pair include the Consumer Price Index (CPI) for the Eurozone. Releases such as these give an idea of changes in the price of goods and services, and the Jobless Rate for Japan, which measures the percentage of unemployed in the country.For example, if this figure comes out as a lower percentage, it indicates strength in the Japanese economy, thereby pushing the EUR/JPY lower. Out of all the JPY pairs, it is the EUR/JPY that is arguably the most attractive to the broad spectrum of traders, regardless of their method of trading. Its low spread plus high volatility makes it a great candidate for both short- and long-term trading. Compared to the USD/JPY, it has a higher spread but higher range, whereas compared to the GBP/JPY, it has a lower spread but also a lower range. In this sense the EUR/JPY combines the best of both worlds, which explains part of its appeal
Read this Term
has seen a strong bounce over the last few days, that came after a stronger move to the downside last week that saw the pair move below the December 2021 low at 127.348. That level was the lowest level since February 2021.

The fall below took the price all the way down to 124.384 which was just above the 50% midpoint of the move up from the May 2020 low at 124.250. Staying above the 50% gave something for the buyers to lean against.

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The increased risk-on tone seen over the last couple days has helped to propel the market further – especially today.

Today saw the price move back above that December 21 low at 127.348 increasing the bullish technical bias. That momentum has now taken the price also move above the 38.2% retracement of the move down from the 2021 high at 128.102. It also moved above the February low at 127.923. The area between 127.923 and 128.102 is now close risk on the daily chart. The 127.348 swing low from December, is a more conservative risk level on the daily chart.

Drilling to the hourly chart below, the move higher today has seen the price move back above its 200 hour moving average at 127.427 (green line in the chart below. That level – coupled with the December low nearby at 127.384, increases the areas importance in the short term.

Stay above and the buyers can feel more confident for further upside momentum going forward. Conversely moving below and the upside bets are off.

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EURJPY on the hourly chart
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A.R Chowdhury

A.R Chowdhury

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