AUD/JPY Up 24 Pips in Last Hour, in an Uptrend Over Past 90 Days; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated May 13, 2022 1:35 GMT)

At the time of this writing, AUDJPY’s rate is up 2410 pips (0.27%) from the hour prior. This is the 2nd hour in a row AUDJPY has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 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 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 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)

AUDJPY is down 200 pips (2.22%) since the day prior (opening today near 88.069), marking the 6th consecutive day it has gone down. Relative to other instruments in the Forex asset class, AUDJPY ranked 38th the day prior in terms of percentage price change. Here is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

Notably, AUDJPY is now close to its 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days AUDJPY’s price has gone down 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDJPY, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Recent sell-offs in the broader crypto market and global equities sees a preference for the yen. AUD/JPY looking susceptible to the downside after breach of support