EUR/JPY 4 Hour Price Update
Updated May 21, 2020 05:07 PM GMT (01:07 PM EST)
The back and forth price flow continues for EUR/JPY, which started the current 4 hour candle off at 117.968, down 47 pips 0.4% from the previous 4 hours. Relative to other instruments in the Forex asset class, EUR/JPY ranked 32nd the previous 4 hours in terms of percentage price change.
EUR/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/JPY is up 7 pips (0.06%) since yesterday (opening today near 118.106), marking the 5th day in a row an upward move has occurred. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Below is a price chart of EUR/JPY.
EUR/JPY Technical Analysis
The first thing we should note is that 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. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 17 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 9 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.45, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Bullish trendline on the 1HR TF is broken….Similarly, previous support level on the 1HR TF has been taken out….The trade is currently 29 pips in profit.