USD/JPY Price Recap
The back and forth price flow continues for USD/JPY, which starts today off at 111.52 US dollars, down 56 pips 0.5% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 9.82% from the day prior, but up 73.24% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/JPY ended up ranking 36th for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/JPY.
USD/JPY Technical Analysis
Coming into today the current price of USD/JPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USD/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USD/JPY’s price has gone up 15 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDJPY, with 11 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.69, 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.
After months of consolidation, the pair is breaking the top of a monthly wedge pattern. Please consider the support and resistance I mentioned on the chart to see if it is a false break or not.