AUD/JPY Down 10 Pips Over Past 4 Hours, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/JPY 4 Hour Price Update

Updated June 26, 2020 01:10 PM GMT (09:10 AM EST)

AUD/JPY is down 10 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 73.543), marking the 3rd candle in a row it has gone down. Relative to other instruments in the Forex asset class, AUD/JPY ranked 27th the previous 4 hours in terms of percentage price change.

AUD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/JPY is up 4 pips (0.05%) since yesterday (opening today near 73.855), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, AUD/JPY gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Below is a price chart of AUD/JPY.

AUD/JPY Technical Analysis

Notably, AUD/JPY is now close to its 20 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 41.2 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. 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 6 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci, flag, relative strength index, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

we are on a downtrend. for 3 hours its retesting and trying to break down my 50.0 fib. i hope it does that in next hour