AUDJPY Down 10 Pips in Last Hour, 3 Day Down Streak Snapped; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 8, 2020 15:13 GMT)

Currently, AUDJPY’s rate is down -980 pips (-0.13%) from the hour prior. AUDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 200 hour changed directions on AUDJPY; it is now pointing down. 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, which opened today priced near 77.329, is up 12 pips 0.16% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 40 instruments in the Forex asset class, AUDJPY ended up ranking 9th for the day in terms of price change. Below is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

Notably, the current price of AUDJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 17 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.21, which is bullish. As for the rationale, technical traders seem to be citing the appearance of elliott wave, parabolic sar, triangle and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDJPY is stuck on the supply area and forms Reversal Rising Wedge Pattern, possibly it will go down to the demand area.


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