EUR/JPY 4 Hour Price Update
Updated May 15, 2020 01:08 PM GMT (09:08 AM EST)
EUR/JPY is down 29 pips (0.25%) since the last 4 hour candle (opening the current 4 hour candle near 115.53), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 26th 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 is up 12 pips (0.1%) since the previous day (opening today near 115.95), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EUR/JPY ranked 14th the previous day in terms of percentage price change. Below is a price chart of EUR/JPY.
EUR/JPY Technical Analysis
Notably, EUR/JPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 15 them. 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 15 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. 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.
Going off the main down trend, fib level respected but could see reversal around the bottoms of this area so fib may not fully complete….Target set at 0% Fib level for safety….Stop level above top hourly doji candlestick + just above 50% fib (116.100).