AUD/JPY Up 16 Pips Over Past 4 Hours, Moves Down For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/JPY 4 Hour Price Update

Updated June 25, 2020 01:14 PM GMT (09:14 AM EST)

AUD/JPY entered the current 4 hour candle at 73.684, up 16 pips (0.22%) from the previous 4 hours. Compared to its peers in the Forex, AUD/JPY gave its buyers a return that ranked 6th in terms of percentage change since the previous 4 hours.

AUD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/JPY is down 11 pips (0.15%) since the previous day (opening today near 73.406), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, AUD/JPY gave its buyers a return that ranked 39th in terms of percentage change since the previous day. Here is a price chart of AUD/JPY.

AUD/JPY Technical Analysis

The first thing we should note is that AUD/JPY is now close to its 20, 50 and 200 day averages, located at 74.3218, 71.8032 and 71.9944 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 91.6 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDJPY, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. 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 overall bearish trend of AUDJPY is approaching some significant zones while riding a counter trendline….We are in a bit of a range right now with markets giving us a daily doji on Monday….We are now awaiting market direction to either break the counter trend or if we will get a break of the monthly zone to confirm a bullish trend.