EUR/JPY Up 28 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/JPY 4 Hour Price Update

Updated July 24, 2020 09:06 PM GMT (05:06 PM EST)

A moment of silence, please, for the end of EUR/JPY’s 4 four-hour candle down streak; price ended the last 4 hour candle up 28 pips (0.23%) to finish the four-hour candle at a rate of 123.366. Relative to other instruments in the Forex asset class, EUR/JPY ranked 4th 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 down 4 pips (0.03%) since the day prior (opening today near 123.876), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/JPY ranked 28th the day prior in terms of percentage price change. The price chart of EUR/JPY below illustrates.

EUR/JPY

EUR/JPY Technical Analysis

Notably, the current price of EUR/JPY is sitting close to its 20 and 50 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 20 day average, which is 190.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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

Of note is that traders in aggregate have opinions on EURJPY, with 7 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.54, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

EUR/JPY trades near the 2020 high as the pair looks to test 124.45 resistance. RSI is currently overbought and may produce headwinds for further bullish momentum