AUD/JPY Down 3 Pips Over Past 4 Hours, 4 Day Down Streak Ended; in a Downtrend Over Past 14 Days

AUD/JPY 4 Hour Price Update

Updated June 22, 2020 01:09 PM GMT (09:09 AM EST)

The back and forth price flow continues for AUD/JPY, which started the current 4 hour candle off at 73.587, down 3 pips 0.04% from the previous 4 hours. Relative to other instruments in the Forex asset class, AUD/JPY ranked 28th the previous 4 hours in terms of percentage price change.

AUD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of AUD/JPY’s 4 day down streak; price ended yesterday up 1 pips (0.01%) to finish the day at a rate of 73.05. Relative to other instruments in the Forex asset class, AUD/JPY ranked 21st yesterday in terms of percentage price change. 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 moving averages, which may act as price barrier for the asset. 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 200 day average, which is 103.1 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 10 days AUD/JPY’s price has gone down 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDJPY, with 13 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.65, which is bearish. 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.

Having previously been wrong in predicting that it will experience a bullish move for AUDJPY towards the highest price last month, it turns out that the price breaks the channel line support. This is a sign that there will be a change of the trend.ScenarioOP: 73,560 – 73,800SL: 73,987TP: 72,719