EUR/JPY Down 2 Pips in Last 4 Hours, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated July 01, 2020 01:03 AM GMT (09:03 PM EST)

The back and forth price flow continues for EUR/JPY, which started the current 4 hour candle off at 121.277, down 2 pips 0.02% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 22nd for the four-hour candle in terms of price change.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is up 22 pips (0.18%) since the day prior (opening today near 121.297), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/JPY ranked 15th the day prior in terms of percentage price change. The price chart of EUR/JPY below illustrates.

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, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 63.8 pips away. Volatility for EUR/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 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 19 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Keep an eye on this one as a abc corrective channel could come to an end