EUR/JPY Down 4 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated June 25, 2020 01:13 PM GMT (09:13 AM EST)

EUR/JPY is down 4 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 120.291), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 19th in terms of percentage change since the last 4 hour candle.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is down 1 pips (0.01%) since the day prior (opening today near 120.415), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/JPY ranked 21st the day prior in terms of percentage 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 121.2741, 118.8122, 118.506 and 119.6111 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 80.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 10 days EUR/JPY’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURJPY, with 22 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 2, which is bullish. 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.

The price had touched bullish trendline and rebound from the trendline. I expected the price to continue going upward until it reach 122.5.