AUD/JPY Down 15 Pips in Last Hour, 5 Day Up Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 6, 2022 1:36 GMT)

At the moment, AUDJPY’s rate is down -1520 pips (-0.16%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDJPY, which opened today priced near 94.264, is down 10 pips 0.11% since the day prior, marking a reversal from the day prior — and the end of a 5 day positive run. Relative to other instruments in the Forex asset class, AUDJPY ranked 24th the day prior in terms of percentage price change. Below is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

Coming into today AUDJPY is now close to its 50 day averages, located at 92.0646 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 219.9 pips away. 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. Price action traders in particular will want to note that the 30 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 up 7 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 7 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDJPY Neutral ideaWeekly Trend: BullishDaily Trend: Bullish4Hour Trend: BullishTrade scenario 1: All timeframes are back to bullish as we saw a massive rally last week all the way up to 95.000 resistance.From here we’re expecting some sort of reaction but we are far from any trade scenarios.For us to consider long scenarios further on AJ we need to see structure first. Look for a retrace and higher low formation above 92.850 support.Ideally we can retrace, spot some consolidation and catch a clear continuation from price action. Trade scenario 2: For us to consider AJ for shorts we need to see a strong bearish trend present itself.We will entertain short scenarios once we break below 92.850 and spot some structure in the form of a lower high below. Look to target lower toward key support levels.