AUD/JPY Up 11 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated November 13, 2020 1:27 GMT)

At the time of this writing, AUDJPY’s rate is up 0.113 (0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDJPY. Given that we see downtrend on the 20 and 10 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 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)

The choppiness in the recent daily price action of AUDJPY continues; to start today, it came in at a price of 76.022, down 71 pips (0.93%) since yesterday. Out of the 40 instruments in the Forex asset class, AUDJPY ended up ranking 36th for the day in terms of price change. The price chart of AUDJPY below illustrates.

AUDJPY

AUDJPY Technical Analysis

The first thing we should note is that AUDJPY is now close to its 20, 50 and 100 day averages, located at 74.8374, 75.4653 and 75.5779 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 44.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone up 7 out of the past 10 days.

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 14 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The next cycle starts on November 13, and this could be the time when AUD/JPY will test the downside target at 74.77….Nonetheless, there is another support that must be watched, and this is the 75.46 level, where previously AUD/JPY formed a double top….The alternative downside scenario suggests that with the next Fib cycle, which is tomorrow, the price will start moving down.