EUR/JPY 4 Hour Price Update
Updated June 19, 2020 09:20 AM GMT (05:20 AM EST)
The back and forth price flow continues for EUR/JPY, which started the current 4 hour candle off at 119.901, up 3 pips 0.02% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 12th for the four-hour candle in terms of price change.
EUR/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of EUR/JPY’s 3 day down streak; price ended the previous day up 12 pips (0.1%) to finish the day at a rate of 119.976. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 13th for the day in terms of price change. Here is a 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 averages, located at 121.2305, 118.4082, 118.4858 and 119.627 respectively, and thus may be at a key juncture along those timeframes. 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 34.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days EUR/JPY’s price has gone down 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 2 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. 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.
FX:EURJPY Shorting the EJ after confirming by breaking the ascending correction channel