EUR/JPY 4 Hour Price Update
Updated March 25, 2020 01:37 PM GMT (09:37 AM EST)
EUR/JPY entered the current 4 hour candle at 120.34, down 14 pips (0.12%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/JPY ranked 24th 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 7 pips (0.06%) since the previous day (opening today near 120.039), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, EUR/JPY ranked 22nd the previous day in terms of percentage price change. Let’s take a look at price chart of EUR/JPY.
EUR/JPY Technical Analysis
The first thing we should note is that EUR/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 27.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 6 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.35, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Monthly: We recognize on the monthly timeframe a strong downtrend with normal pullbacks….Weekly: The weekly timeframe is bearish too and now we see a push to the upside with 4 green candles in a row….Daily: The daily candle closed under the trendline, that`s a good confirmation.