USD/JPY Down 5 Pips, is Inching Close to 20, 50, 100 and 200 Day Averages; Pin Bar Pattern Appearing on Chart

USD/JPY Price Recap

USD/JPY is down 5 pips (0.05%) since yesterday (with its current price near 108.569), marking the 4th day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 14.92% from the day before — and down 2.5% from the same day the week before. Relative to other instruments in the Forex asset class, USD/JPY ranked 12th yesterday 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 200 day average, which is 11.6 pips away. Something else of critical noteworthiness is that USD/JPY’s momentum/trend on a 14 day basis may be decelerating. Volatility for USD/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 7 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!