AUD/JPY Down 9 Pips Over Past Hour; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 12, 2020 1:27 GMT)

Currently, AUDJPY’s rate is down -0.095 (-0.12%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDJPY entered today at 76.734, up 9 pips (0.12%) from yesterday. Compared to its peers in the Forex, AUDJPY gave its buyers a return that ranked 17th in terms of percentage change since yesterday. The price chart of AUDJPY below illustrates.

AUDJPY

AUDJPY Technical Analysis

Notably, AUDJPY is now close to its 50 and 100 day averages, located at 75.489 and 75.5559 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 100 day average, which is 117.8 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. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. 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.

LOOK FOR POTENTIAL BEARISH REVERSAL CANDLESTICK PATTERNFORMATION UPON THE RETEST OFDAILY SUPPLY WHICH CONFLUENCES WITH RETEST OF TRENDLINE