AUD/JPY Down 25 Pips, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

AUD/JPY Price Recap

AUD/JPY is down 25 pips (0.38%) since yesterday (with its current price near 64.569), marking the 2nd day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 10.54% from the day prior, and up 6.95% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/JPY ended up ranking 28th for the day in terms of day-over-day price change. The price chart of AUD/JPY below illustrates.

AUD/JPY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days AUD/JPY’s price has gone down 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDJPY; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Market formed a AB=CD Pattern. retracement into the 61.8% fib