AUDJPY Down 1 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 17, 2020 23:13 GMT)

Currently, AUDJPY’s rate is down -150 pips (-0.02%) from the hour prior. The hourly chart shows that AUDJPY has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDJPY. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDJPY is down 7 pips (0.09%) since yesterday (opening today near 76.969), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, AUDJPY gave its buyers a return that ranked 27th in terms of percentage change since yesterday. The price chart of AUDJPY below illustrates.

AUDJPY

AUDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDJPY crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 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 AUDJPY, with 14 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.64, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDJPY – From Sundays analysis, waiting for the price to reach this trendline, now seeing signs of a fakeout, with rejections to the downside.I am taking a risk entry, if you want to be safe, I would wait until we close back above the trendline to go long!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram