AUD/JPY Up 4 Pips in Last Hour; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated June 7, 2022 1:37 GMT)

At the moment, AUDJPY’s rate is up 380 pips (0.04%) from the hour prior. The hourly chart shows that AUDJPY has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDJPY. Given that we see an uptrend 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)

The choppiness in the recent daily price action of AUDJPY continues; to start today, it came in at a price of 95.002, up 74 pips (0.78%) since yesterday. Out of the 39 instruments in the Forex asset class, AUDJPY ended up ranking 11th for the day in terms of price change. Here is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

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 50 day average, which is 289.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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 9 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDJPY is fast approaching a fresh supply zone. We seen price close on the daily @ 95.250 and 95.500 on the 4HR. I have set this as my zone to look out for rejections as the supply zone has not yet been visited again which indicates we may have sellers waiting