USD/JPY Up 5 Pips On 4 Hour Chart, 4 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

USD/JPY 4 Hour Price Update

Updated June 19, 2020 09:20 AM GMT (05:20 AM EST)

The back and forth price flow continues for USD/JPY, which started the current 4 hour candle off at 106.949, up 5 pips 0.04% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 9th for the four-hour candle in terms of price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/JPY’s 4 day down streak; price ended yesterday up 6 pips (0.06%) to finish the day at a rate of 107.033. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

Coming into today USD/JPY is now close to its 20, 50, 100 and 200 day averages, located at 107.8525, 107.4235, 107.6995 and 108.4912 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 50 day average, which is 39 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days USD/JPY’s price has gone down 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 14 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

ESPERANDO CRUCE DE EMAS A TENDENCIA ALCISTA Y LAS TRES VELAS DE CONFIRMACIÓN ALCISTARSI Y MONEY FLOW EN POCISIONES (EN MEDIO) PARA ENTRAR HASTA EL TP 3