EUR/JPY Down 6 Pips in Last 4 Hours, Entered Today Up For the 2nd Day In A Row; Nears 20 Day Moving Average

EUR/JPY 4 Hour Price Update

Updated March 24, 2020 03:19 AM GMT (11:19 PM EST)

EUR/JPY is down 6 pips (0.05%) since the last 4 hour candle (opening the current 4 hour candle near 119.343), marking the 2nd candle in a row it has gone down. Out of the 36 instruments in the Forex asset class, EUR/JPY ended up ranking 21st for the four-hour candle in terms of price change.

EUR/JPY Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

EUR/JPY is up 19 pips (0.16%) since yesterday’s New York session (opening today’s post-New York session near 118.53), marking the 2nd day in a row it has gone up. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 16.7% from the day prior, and up 93.54% from the same day the week before. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 20th in terms of percentage change since yesterday’s New York session. The price chart of EUR/JPY below illustrates.

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. 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 49.1 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone down 16 them. 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

Of note is that traders in aggregate have opinions on EURJPY, with 3 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.3, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence, double top and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Exaggerated Bullish Divergence. Waiting for price confirmation off of support for a buy