AUD/JPY Heads Down For the 2nd Day In A Row; Nears 20 Day Moving Average

AUD/JPY Price Recap

AUD/JPY is down 9 pips (0.12%) since yesterday (with its current price near 73.697), marking the 2nd day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 35.95% from the day before — and down 42.91% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/JPY ranked 29th yesterday in terms of percentage price change. Below is a price chart of AUD/JPY.

AUD/JPY Technical Analysis

Coming into today AUD/JPY is now close to its 20, 50, 100 and 200 day averages, located at 73.9487, 74.7829, 74.3327 and 74.3079 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 20 day average, which is 25.2 pips away. Volatility for AUD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 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 up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 9 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.82, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Please support this idea with LIKE if you find it useful….Initiate Long….We can initiate a long position only on a confirmed breakout of 61.8% Fib level.