USD/JPY Down 2 Pips On 4 Hour Chart, is Inching Close to 50 Day Average; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated June 22, 2020 01:08 PM GMT (09:08 AM EST)

The back and forth price flow continues for USD/JPY, which started the current 4 hour candle off at 106.942, down 2 pips 0.01% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 23rd for the four-hour candle in terms of 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 106.862, down 2 pips 0.02% from yesterday. Relative to other instruments in the Forex asset class, USD/JPY ranked 30th yesterday in terms of percentage price change. Here 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 50 day average, which is 53.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USD/JPY’s price has gone down 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 25 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.89, which is neutral. As for the rationale, technical traders seem to be citing the appearance of trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Buying in the area of 1,1180 with a stop below 1,1140 and a profit in the area of 1,1250….Buying in the area of 1,1090 with a stop below 1,1050 and a profit in the area of 1,1180….Buying in the area of 106,80 with a stop below 106,40 and a profit in the area of 108,00.