AUDJPY Up 2 Pips On Hourly Chart, 3 Day Down Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 7, 2020 15:13 GMT)

At the time of this writing, AUDJPY’s rate is up 210 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

After 3 down days, AUDJPY snaps its streak, rising 12 pips (0.16%) over the past day to close at an exchange rate of 77.329. Relative to other instruments in the Forex asset class, AUDJPY ranked 9th yesterday in terms of percentage price change. Below is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

Coming into today 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days AUDJPY’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDJPY, with 16 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.78, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi all traders,trade idea for AJ.typical easy trade for audjpy! Happy trading pips!Cheers!Follow me on tradingview for more trade calls for you to grow your account for FREE!!!! =)


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