EUR/JPY Up 1 Pips; Pin Bar Pattern Appearing on Chart

EUR/JPY Price Recap

EUR/JPY enters today at 118.383 in US dollars, up 1 pips (0.01%) from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 1.79% from the day before — and down 11.92% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/JPY ranked 18th yesterday in terms of percentage price change. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Notably, 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 100.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EUR/JPY’s price has gone down 8 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 12 buy signals on our radar and 33 sell signals. This imputes a buy/sell ratio of 0.36, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, gartley and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Fundamentally Euro has been tanking. We’re at a key level & fib, so may be a good entry to catch the next move down. 30 Pip SL for 100+ Pips