EUR/JPY Down 10 Pips Over Past 4 Hours, Moves Down For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart – CFD Trading
EUR/JPY 4 Hour Price Update
Updated May 05, 2020 05:06 PM GMT (01:06 PM EST)
EUR/JPY is down 10 pips (0.09%) since the last 4 hour candle (opening the current 4 hour candle near 115.525), marking the 2nd candle in a row it has gone down. Relative to other instruments in the Forex asset class, EUR/JPY ranked 23rd 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 yesterday (opening today near 116.319), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, EUR/JPY ended up ranking 36th for the day in terms of price change. Here is a price chart of EUR/JPY.
EUR/JPY Technical Analysis
Notably, EUR/JPY is now close to its 20, 50 and 100 day averages, located at 116.7377, 117.8725 and 119.1532 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURJPY, with 18 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 3, 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 tradingview.com; below is a short snippet from it to give you a taste.
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