EUR/JPY 4 Hour Price Update
Updated June 22, 2020 01:08 PM GMT (09:08 AM EST)
The back and forth price flow continues for EUR/JPY, which started the current 4 hour candle off at 119.919, down 0 pips 0% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 20th for the four-hour candle in terms of price change.
EUR/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
After 4 down days, EUR/JPY snaps its streak, rising 2 pips (0.02%) over the past day to close at an exchange rate of 119.452. Relative to other instruments in the Forex asset class, EUR/JPY ranked 16th yesterday 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 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 16.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 18 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 3 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.12, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
We are in the Yellow degree x wave……Which is a corrective wave, what we need after the green x wave another correction which can be flat zigzag or triangle……we need more clues to determine which oneDo not ever Forget the content on all of our analysis are subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.