USD/JPY Down 27 Pips, in an Uptrend Over Past 14 Days; Eyes 20 and 50 Day Averages

USD/JPY Price Recap

109.817 (USD) was the opening price of the day for USD/JPY, resulting in yesterday being a day in which price moved down 27 pips 0.25% from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 45.31% from the day prior, and up 5.12% from the same day the week before. Relative to other instruments in the Forex asset class, USD/JPY ranked 28th yesterday in terms of percentage price change. The price chart of USD/JPY below illustrates.

USD/JPY Technical Analysis

The first thing we should note is that USD/JPY is now close to its 20, 50, 100 and 200 day averages, located at 109.5135, 109.3002, 108.8882 and 108.3822 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USD/JPY’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 11 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price looks slowing down after touched the resistance.currently price pullback after trendline.first target previous lowfinal target : 61.8 level/support