USD/JPY Down 30 Pips On 4 Hour Chart, Moves Down For the 3rd Day In A Row; Sentiment Strongly Favors Sellers

USD/JPY 4 Hour Price Update

Updated March 27, 2020 12:52 AM GMT (08:52 PM EST)

USD/JPY is down 30 pips (0.28%) since the previous 4 hours (opening the current 4 hour candle near 109.121), marking the 8th candle in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USD/JPY ended up ranking 33rd for the four-hour candle in terms of price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/JPY is down 27 pips (0.25%) since the previous day (opening today near 109.27), marking the 3rd day in a row a decline has happened. Relative to other instruments in the Forex asset class, USD/JPY ranked 34th the previous day in terms of percentage price change. Below is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, 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. 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 22.3 pips away. 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 10 days USD/JPY’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 2 buy signals on our radar and 29 sell signals. This imputes a buy/sell ratio of 0.07, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.