USD/JPY Up 12 Pips Over Past 4 Hours, Breaks Above 20 Day Average; Price Base in Formation Over Past 14 Days

USD/JPY 4 Hour Price Update

Updated March 31, 2020 01:06 PM GMT (09:06 AM EST)

USD/JPY is up 12 pips (0.11%) since the previous 4 hours (opening the current 4 hour candle near 108.564), marking the 4th candle in a row it has gone up. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 12th in terms of percentage change since the previous 4 hours.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/JPY continues; to start today, it came in at a price of 108.126, up 38 pips (0.35%) since the day prior. Relative to other instruments in the Forex asset class, USD/JPY ranked 4th the day prior in terms of percentage price change. Below is a price chart of USD/JPY.

USD/JPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USD/JPY crossed above its 20 day moving average yesterday. 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 20 day average, which is 4.3 pips away. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 12 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.75, 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.

Hi Traders,I’m here to help improving your trading skills with my ideas to see the market from sombody else’s mind….The direction is confirmed; this pair moving down strongly….I will post update, and future ideas if I open a trade, or when the price confirmed the end of the consolidation.