AUD/JPY Up 12 Pips Over Past 4 Hours, Came Into Today Down For the 3rd Day In A Row; in an Uptrend Over Past 30 Days

AUD/JPY 4 Hour Price Update

Updated June 18, 2020 09:09 AM GMT (05:09 AM EST)

A moment of silence, please, for the end of AUD/JPY’s 3 four-hour candle down streak; price ended the last 4 hour candle up 12 pips (0.16%) to finish the four-hour candle at a rate of 73.537. Relative to other instruments in the Forex asset class, AUD/JPY ranked 4th the last 4 hour candle in terms of percentage price change.

AUD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/JPY is down 19 pips (0.26%) since the day prior (opening today near 73.462), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, AUD/JPY ranked 38th the day prior in terms of percentage price change. Let’s take a look at price chart of AUD/JPY.

AUD/JPY Technical Analysis

Coming into today AUD/JPY is now close to its 20 and 200 day averages, located at 74.0202 and 72.0378 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 55.8 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 14 days AUD/JPY’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 14 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of trendline and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Descending wedge for 30 pip set SL at either daily risk or a few pips above the downward trendline.