EUR/JPY Up 2 Pips On 4 Hour Chart, Entered Today Up For the 5th Day In A Row; in a Downtrend Over Past 90 Days

EUR/JPY 4 Hour Price Update

Updated May 21, 2020 12:44 AM GMT (08:44 PM EST)

EUR/JPY is up 2 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 118.114), marking the 4th candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, EUR/JPY ended up ranking 18th for the four-hour candle in terms of price change.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is up 7 pips (0.06%) since the day prior (opening today near 118.106), marking the 5th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/JPY ranked 14th the day prior in terms of percentage price change. Let’s take a look at price chart of EUR/JPY.

EUR/JPY Technical Analysis

Notably, EUR/JPY is now close to its 20, 50, 100 and 200 day averages, located at 116.3589, 117.2013, 118.3631 and 119.5173 respectively, and thus may be at a key juncture along those timeframes. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 17 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

We’re seeing some traders come out with interesting conviction on EURJPY, with 13 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.87, which is neutral. 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.

Price bounced off the monthly sell target and has formed a set of higher high and higher low on the 4H TF….If you want to find out how you can incorporate FX Algorithmic trading into your investment portfolio, reach out to us to find out more!…Reach out to us viaLinkedin: https://www.linkedin.com/company/ortega-capitalFacebook: https://www.facebook.com/OrtegaCapitalLtd/