EUR/JPY Up 4 Pips On 4 Hour Chart, Came Into Today Up For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated May 20, 2020 05:08 PM GMT (01:08 PM EST)

EUR/JPY is up 4 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 117.997), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, EUR/JPY ranked 16th 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 25 pips (0.21%) since the previous day (opening today near 117.874), marking the 4th day in a row it has gone up. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 10th in terms of percentage change since the previous day. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Coming into today 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 9 out of the past 14 days. 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 17 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.13, 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.

Reaction To Channel Line this is Ressistance ZoneSTRONG SELL in EURJPY