USD/JPY Down 22 Pips Over Past 4 Hours, Came Into Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days

USD/JPY 4 Hour Price Update

Updated July 24, 2020 01:10 PM GMT (09:10 AM EST)

The back and forth price flow continues for USD/JPY, which started the current 4 hour candle off at 106.218, down 22 pips 0.2% from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/JPY ranked 36th the previous 4 hours in terms of percentage price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/JPY is down 3 pips (0.02%) since the previous day (opening today near 106.833), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, USD/JPY ranked 27th the previous day in terms of percentage price change. Below is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, USD/JPY is now close to its 20, 50, 100 and 200 day averages, located at 107.1586, 107.4384, 107.4582 and 108.2368 respectively, and thus may be at a key juncture along those timeframes. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. 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

We’re seeing some traders come out with interesting conviction on USDJPY, with 15 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.15, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, relative strength index and stochastic technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURUSD* The technical cross-section**: Trend: 1 A strength of trend: 4 Overbought/oversold : overbuying The priority area of transactions : buyingBuying in the area of 1,1520 with a stop below 1,1490 and a profit in the area of 1,1620….GBPUSD The technical cross-section: Trend : 1 A strength of trend: 4 Overbought/oversold : overbuying The priority area of transactions: buyingBuying in the area of 1,2650 with a stop above 1,2600 and a profit in area 1,2750….USDJPY The technical cross-section: Trend: -1 A strength of trend: -4 Overbought/oversold: none The priority area of transactions: sellingSelling in the area of 107,20 with a stop above 107,50 and a profit in area 107,00.