USD/JPY 4 Hour Price Update
Updated June 24, 2020 01:12 PM GMT (09:12 AM EST)
USD/JPY is up 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 106.583), marking the 3rd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 17th for the four-hour candle in terms of price change.
USD/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/JPY is down 5 pips (0.05%) since the previous day (opening today near 106.465), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 35th in terms of percentage change since the previous day. Below is a 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, 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 50 day average, which is 89.6 pips away. Volatility for USD/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 30 days USD/JPY’s price has gone down 14 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 12 buy signals on our radar and 27 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 relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Technically, one could observe the resumption of USDJPY bears upon the formation of 3-black crow pattern at 107.114 levels….Consequently, the minor trend turns bearish upon the occurrence of this bearish pattern, and frequent failure swings at the stiff resistance zone of 109.400-109.800 levels, the current price slides below DMAs.While both leading oscillators signal intensified bearish momentum & downtrend continuation on lagging indicators….Both leading oscillators (RSI & Stochastic curves) and lagging indicators are bearish bias on this timeframe as well.