AUD/JPY Up 22 Pips On 4 Hour Chart, Outperforms All Forex; Price Base in Formation Over Past 14 and 30 Days

AUD/JPY 4 Hour Price Update

Updated June 30, 2020 09:10 PM GMT (05:10 PM EST)

AUD/JPY is up 22 pips (0.3%) since the last 4 hour candle (opening the current 4 hour candle near 74.504), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, AUD/JPY gave its buyers a return that ranked 4th in terms of percentage change since the last 4 hour candle.

AUD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/JPY is up 17 pips (0.24%) since the previous day (opening today near 73.986), marking the 3rd day in a row it has gone up. On a relative basis, the previous day was pretty good: AUD/JPY bested all 40 of the assets in the Forex class 🙂 The price chart of AUD/JPY below illustrates.

AUD/JPY Technical Analysis

First things first: AUD/JPY crossed above its 20 day moving average yesterday. 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 8.9 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. Rangebound traders may wish to note that AUD/JPY is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on the 14 and 30 day bases 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 7 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

We’re seeing some traders come out with interesting conviction on AUDJPY, with 13 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.44, which is bullish. 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; below is a short snippet from it to give you a taste.

💡Hello traders,Hope you are having fantastic summer and also are finding time for trading as well :)I will really apricate any likes and follows, that would help grow this channel….We can see that price is inside Ascending channel….Price has failed to breakthrough support line and we predict that price will go higher from here.