AUDJPY Up 1 Pips in Last Hour, Moves Down For the 5th Day In A Row; Crosses 50 Day Moving Average

Hourly Update

(Last Updated September 22, 2020 0:13 GMT)

Currently, AUDJPY’s rate is up 130 pips (0.02%) from the hour prior. The hourly chart shows that AUDJPY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend 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 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)

AUDJPY is down 36 pips (0.47%) since the day prior (opening today near 76.205), marking the 5th day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, AUDJPY ranked 33rd the day prior in terms of percentage price change. Here is a price chart of AUDJPY.

AUDJPY

AUDJPY Technical Analysis

First things first: AUDJPY crossed below its 50 day moving average yesterday. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 8 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 4 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Take Profits: TP1= @ 75.10TP2= @ 74.40TP3= @ 72.50TP4= @ 70.00TP5= @ 67.60SL: Break Above R2——————————————————————————— Short-Term Forecast Trading suggestion: ….if so, traders can set orders based on Price Action and expect to reach short-term targets.


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