AUDJPY Up 20 Pips in Last Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 9, 2020 15:13 GMT)

At the moment, AUDJPY’s rate is up 2040 pips (0.26%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as AUDJPY has now gone up 5 of the past 5 hours. 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 100 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for AUDJPY, which started today off at 77.259, down 7 pips 0.09% from the day prior. Out of the 40 instruments in the Forex asset class, AUDJPY ended up ranking 21st for the day in terms of price change. The price chart of AUDJPY below illustrates.

AUDJPY

AUDJPY Technical Analysis

Notably, AUDJPY is now close to its 20 and 50 day averages, located at 76.801 and 75.835 respectively, and thus may be at a key juncture along those timeframes. 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 7 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDJPY, with 11 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.22, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDJPY has broke out of a barrier triangle structure and retesting it currently.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram