EUR/JPY 4 Hour Price Update
Updated July 02, 2020 01:14 AM GMT (09:14 PM EST)
EUR/JPY is down 11 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 120.806), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 30th in terms of percentage change since the previous 4 hours.
EUR/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/JPY is down 2 pips (0.02%) since the previous day (opening today near 120.881), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, EUR/JPY ranked 24th the previous day in terms of percentage price change. Let’s take a look at 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 20 day average, which is 29.9 pips away. 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 7 out of the past 14 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURJPY, with 14 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci 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.
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.