AUDJPY Down 0 Pips in Last Hour, Tops All Forex; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 8, 2021 10:13 GMT)

At the moment, AUDJPY’s rate is down 40 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDJPY. Given that we see an uptrend on the 20 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 entered today at 81.664, up 56 pips (0.69%) from the day prior. On a relative basis, the day prior was pretty good: AUDJPY bested all 39 of the assets in the Forex class 🙂 Here is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

The first thing we should note is that AUDJPY is now close to its 20, 50, 100 and 200 day averages, located at 80.4475, 80.4769, 81.867 and 82.3267 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. 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. Or to simplify this another way, note that out of the past 10 days AUDJPY’s price has gone up 6 them.