EUR/JPY Down 31 Pips in Last 4 Hours, Crosses 20 Day Moving Average; Price Base in Formation Over Past 30 Days

EUR/JPY 4 Hour Price Update

Updated March 31, 2020 01:10 PM GMT (09:10 AM EST)

EUR/JPY is down 31 pips (0.26%) since the previous 4 hours (opening the current 4 hour candle near 118.945), marking the 2nd candle in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 24th 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 entered today at 119.225, up 21 pips (0.18%) from yesterday. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 9th in terms of percentage change since yesterday. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

First things first: EUR/JPY crossed above its 20 day moving average yesterday. 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 19.4 pips away. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days. 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 11 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.55, 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; below is a short snippet from it to give you a taste.

EURJPY is breaking a life support level….I´m looking for 2 zones for taking profits….1 is the dinamic support trendline, and 2 117.90 (around this level) for profit taking number 2.