EUR/JPY Down 17 Pips On 4 Hour Chart, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated June 24, 2020 01:14 PM GMT (09:14 AM EST)

EUR/JPY is down 17 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 120.264), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 29th for the four-hour candle in terms of price change.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, EUR/JPY snaps its streak, falling 2 pips (-0.01%) over the past day to close at an exchange rate of 120.429. Relative to other instruments in the Forex asset class, EUR/JPY ranked 28th the day prior in terms of percentage price change. Here is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

Coming into today 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 81.6 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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 down. 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

Of note is that traders in aggregate have opinions on EURJPY, with 15 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. 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.

EJ will have one last stab at liquidity region (fulfilling fib retracement) before fall.