AUD/JPY Down 19 Pips On Hourly Chart, Breaks Below 100 Day Average; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated August 2, 2022 1:34 GMT)

Currently, AUDJPY’s rate is down -1850 pips (-0.2%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on AUDJPY. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 61 pips (0.66%) since the previous day (opening today near 92.45), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, AUDJPY ranked 34th the previous day in terms of percentage price change. Let’s take a look at price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

Notably, AUDJPY crossed below its 100 day moving average yesterday. Traders interested in playing the ranges may wish to consider that the unclear trend on the 14 day chart, coupled with price being close to the upper bollinger band may be signalling a short opportunity. Also of note is that on a 14 day basis 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 down 16 out of the past 30 days.