Price action traders may also wish to note that we see a doji candlestick pattern on audjpy.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
Compared to its peers in the forex, audjpy gave its buyers a return that ranked 27th in terms of percentage change since yesterday.
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns.
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
It’s been a feast for bears operating on an hourly timeframe, as audjpy has now gone down 4 of the past 5 hours.
As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns.
This imputes a buy/sell ratio of 1.22, which is bullish.