AUD/JPY 3 Day Up Streak Broken, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 90 Days

AUD/JPY Price Recap

AUD/JPY is up 31 pips (0.43%) since yesterday (with its current price near 73.714), marking the 2nd day in a row an upward move has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 12.75% from the day before — and down 42.27% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/JPY ranked 2nd yesterday in terms of percentage price change. Here is a price chart of AUD/JPY.

AUD/JPY Technical Analysis

Notably, AUD/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 52.9 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 12 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.46, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Watching this pair for a healthily sell….Trend line resets plus ema rejection as well as rejection of the 50% fib….Multiple confluences to take a short here.