USD/JPY Up 31 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated June 25, 2020 01:12 PM GMT (09:12 AM EST)

USD/JPY entered the current 4 hour candle at 107.414, up 31 pips (0.28%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 2nd for the four-hour candle in terms of price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/JPY, which started today off at 107.033, down 1 pips 0.01% from the day prior. Out of the 40 instruments in the Forex asset class, USD/JPY ended up ranking 23rd for the day in terms of price change. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, the current price of USD/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 34.3 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Volatility for USD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USD/JPY’s price has gone down 7 them. 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

We’re seeing some traders come out with interesting conviction on USDJPY, with 10 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.62, 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.

overbought on RSI. Testing a key resistance area. Wait for the the 1HR to close as an inverted hammer.