USD/JPY Down 22 Pips On 4 Hour Chart, 2 Day Up Streak Ended; in an Uptrend Over Past 14 Days

USD/JPY 4 Hour Price Update

Updated March 25, 2020 01:42 PM GMT (09:42 AM EST)

USD/JPY entered the current 4 hour candle at 111.264, down 22 pips (0.19%) from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/JPY ranked 27th the previous 4 hours in terms of percentage 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 111.071, down 14 pips 0.12% from the day prior. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Let’s take a look at price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, the current price of USD/JPY is sitting close to its 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 100 day average, which is 202.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 10 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.48, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Here we can see how price is forming ascending triangle pattern. We have to wait to see on which side price will broke out of triangle. Wait for a breakout and retest before entering a trade. If you like my idea please press LIKE