USD/JPY Down 10 Pips Over Past 4 Hours; Nears 20, 50 and 100 Day Moving Averages

USD/JPY 4 Hour Price Update

Updated June 29, 2020 09:11 PM GMT (05:11 PM EST)

USD/JPY, which opened the current 4 hour candle priced near 107.612, is down 10 pips 0.1% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle positive run. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 29th 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 107.194, down 2 pips 0.02% from yesterday. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Let’s take a look at price chart of USD/JPY.

USD/JPY Technical Analysis

The first thing we should note is that 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. 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. For additional context, note that price has gone up 14 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 12 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.71, 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.

Good Day Everyone Here’s my idea on the USDJPY pair looking at two possible scenarios on the pair, looking to see if the descending channel holds or we will see a break above the channel and see a move to the upside, the pair is fairly close to my 200 MA so i will look for the channel to hold and see a move to the downside to go retest the structure unless we break the 200 MA and trade above it……__________________________________________________________________________________________________________________________ENTRY AND SL – FOLLOW YOUR RULESRISK MANAGEMENT PERIOD – SWINGTARGET 1 – 106.74TARGET 2 – 106.142__________________________________________________________________________________________________________________________If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section.