EUR/JPY Down 13 Pips On 4 Hour Chart, Entered Today Up For the 5th Day In A Row; is Inching Close to 20 Day Average

EUR/JPY 4 Hour Price Update

Updated May 12, 2020 12:57 AM GMT (08:57 PM EST)

After 3 up four-hour candles, EUR/JPY snaps its streak, falling 13 pips (-0.11%) over the past four-hour candle to close at an exchange rate of 116.291. Relative to other instruments in the Forex asset class, EUR/JPY ranked 31st the last 4 hour candle in terms of percentage price change.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is up 2 pips (0.02%) since the day prior (opening today near 116.329), marking the 5th day in a row an increase has occurred. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 17th in terms of percentage change since the day prior. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

The first thing we should note is that the current price of EUR/JPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 15 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 8 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.89, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

DailyTM price is reaching the 0.618 Fibonacci Conciliating with a strong resistance levelPrice is in a downtrend channellooking for a short