USD/JPY Down 41 Pips On 4 Hour Chart, Moves Up For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated March 24, 2020 03:20 AM GMT (11:20 PM EST)

USD/JPY is down 41 pips (0.36%) since the previous 4 hours (opening the current 4 hour candle near 110.873), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 28th in terms of percentage change since the previous 4 hours.

USD/JPY Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

USD/JPY is up 4 pips (0.04%) since yesterday’s New York session (opening today’s post-New York session near 110.747), marking the 4th day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 7.11% from the day prior, and up 122.56% from the same day the week before. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 24th in terms of percentage change since yesterday’s New York session. Below is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, USD/JPY is now close to its 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 181.2 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 14 days USD/JPY’s price has gone up 8 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 8 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Weekly @ supplyand 4h has divergence for a third time with strong sellers