EUR/JPY Up 19 Pips Over Past 4 Hours, Price Base in Formation Over Past 14 Days; Nears 20 Day Moving Average

EUR/JPY 4 Hour Price Update

Updated June 30, 2020 09:11 PM GMT (05:11 PM EST)

EUR/JPY is up 19 pips (0.15%) since the last 4 hour candle (opening the current 4 hour candle near 121.3), marking the 2nd candle in a row an upward move has occurred. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 11th in terms of percentage change since the last 4 hour candle.

EUR/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/JPY is up 15 pips (0.12%) since yesterday (opening today near 121.077), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, EUR/JPY gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Below is a price chart of EUR/JPY.

EUR/JPY Technical Analysis

The first thing we should note is that EUR/JPY is now close to its 20, 50, 100 and 200 day averages, located at 120.7169, 119.099, 118.537 and 119.6124 respectively, and thus may be at a key juncture along those timeframes. 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 36 pips away. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EUR/JPY’s price has gone up 18 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 20 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Keep an eye on this one as a abc corrective channel could come to an end