EUR/JPY Down 6 Pips in Last 4 Hours, Entered Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated May 11, 2020 09:05 PM GMT (05:05 PM EST)

EUR/JPY entered the current 4 hour candle at 116.423, down 6 pips (0.05%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/JPY ranked 27th the last 4 hour candle in terms of percentage price change.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is up 5 pips (0.05%) since yesterday (opening today near 115.601), marking the 3rd day in a row an increase 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

Notably, EUR/JPY is now close to its 20 and 50 day averages, located at 116.2585 and 117.6487 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EUR/JPY’s price has gone up 6 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 16 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

DailyTM price is reaching the 0.618 Fibonacci Conciliating with a strong resistance levelPrice is in a downtrend channellooking for a short