USD/JPY Down 14 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Sentiment Suggests Buyers in Charge

USD/JPY 4 Hour Price Update

Updated June 23, 2020 01:09 PM GMT (09:09 AM EST)

USD/JPY is down 14 pips (0.13%) since the last 4 hour candle (opening the current 4 hour candle near 106.974), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 31st in terms of percentage change since the last 4 hour candle.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/JPY is up 2 pips (0.02%) since the day prior (opening today near 106.921), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USD/JPY ranked 26th the day prior in terms of percentage price change. Let’s take a look at price chart of USD/JPY.

USD/JPY Technical Analysis

Coming into today USD/JPY is now close to its 20, 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 50 day average, which is 46.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 28 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 28, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Broke out from the wedge and created a flag