USD/JPY Up 12 Pips in Last 4 Hours, Came Into Today Down For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

USD/JPY 4 Hour Price Update

Updated August 06, 2020 09:07 AM GMT (05:07 AM EST)

The back and forth price flow continues for USD/JPY, which started the current 4 hour candle off at 105.644, up 12 pips 0.11% from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/JPY ranked 16th 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 1 pips (0.01%) since the day prior (opening today near 105.586), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. Here is a price chart of USD/JPY.

USD/JPY

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 106.1535, 106.7846, 107.1447 and 108.0433 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USD/JPY’s price has gone down 8 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 14 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.56, 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.

EURUSD* The technical cross-section**: Trend: 1 A strength of trend: 3 Overbought/oversold : overbuying The priority area of transactions : buyingBuying in the area of 1,1800 with a stop below 1,1770 and a profit in the area of 1,1900….GBPUSD The technical cross-section: Trend : 1 A strength of trend: 3 Overbought/oversold : overbuying The priority area of transactions: buyingBuying in the area of 1,3020 with a stop above 1,2970 and a profit in area 1,3120….USDJPY The technical cross-section: Trend: -1 A strength of trend: -2 Overbought/oversold: none The priority area of transactions: sellingSelling in the area of 106,10 with a stop above 106,50 and a profit in area 105,10.