EUR/JPY Down 17 Pips Over Past 4 Hours, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated June 26, 2020 01:10 PM GMT (09:10 AM EST)

EUR/JPY is down 17 pips (0.14%) since the previous 4 hours (opening the current 4 hour candle near 119.917), 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)

The back and forth price flow continues for EUR/JPY, which started today off at 120.28, up 4 pips 0.04% from the day prior. Relative to other instruments in the Forex asset class, EUR/JPY ranked 17th the day prior in terms of percentage price change. Below 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 200 day average, which is 67.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish 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. For additional context, note that price has gone up 18 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern 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 21 buy signals on our radar and 36 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. 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.

🔸 4H CHART EXPLANATION: ..🔸 Price did a perfect pullback to the broken Weekly Trendline..🔸 After that it broke the Asceniding Trendline..🔸 The corrective structure has been broken..🔸 The potential target of the move is the Support Zone. 🔸DAILY CHART ANALYSIS: https://www.tradingview.com/x/padnZks1/