AUD/JPY Up 6 Pips in Last 4 Hours; Pin Bar Pattern Appearing on Chart

AUD/JPY 4 Hour Price Update

Updated June 29, 2020 09:11 PM GMT (05:11 PM EST)

AUD/JPY is up 6 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 73.862), marking the 5th candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, AUD/JPY ranked 12th the previous 4 hours in terms of percentage price change.

AUD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of AUD/JPY continues; to start today, it came in at a price of 73.577, up 3 pips (0.04%) since the previous day. Relative to other instruments in the Forex asset class, AUD/JPY ranked 15th the previous day in terms of percentage price change. The price chart of AUD/JPY below illustrates.

AUD/JPY Technical Analysis

Notably, AUD/JPY is now close to its 20, 50 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 56.7 pips away. Volatility for AUD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 6 out of the past 10 days. 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

Of note is that traders in aggregate have opinions on AUDJPY, with 16 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.