EUR/JPY 4 Hour Price Update
Updated June 29, 2020 09:11 PM GMT (05:11 PM EST)
EUR/JPY, which opened the current 4 hour candle priced near 120.908, is down 11 pips 0.09% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 5 four-hour candle positive run. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 28th for the four-hour candle in terms of price change.
EUR/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of EUR/JPY continues; to start today, it came in at a price of 120.255, down 0 pips (0%) since the day prior. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 33rd for the day in terms of price change. Below is a price chart of EUR/JPY.
EUR/JPY Technical Analysis
Coming into today EUR/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 64.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish 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 5 them. 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
Of note is that traders in aggregate have opinions on EURJPY, with 24 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 2.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Welcome back for some more chart analysis practice….Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money….Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside.