USD/JPY Down 2 Pips Over Past 4 Hours, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated August 03, 2020 05:10 AM GMT (01:10 AM EST)

USD/JPY is down 2 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 105.82), marking the 2nd candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 22nd 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 entered today at 105.846, down 0 pips (0%) from the day prior. Relative to other instruments in the Forex asset class, USD/JPY ranked 26th the day prior in terms of percentage price change. Below is a price chart of USD/JPY.

USD/JPY

USD/JPY Technical Analysis

The first thing we should note is that USD/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 10 days USD/JPY’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 13 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.81, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDJPY Short IdeaOverall we are looking very bearish on this pair….Price action is resting at our 61.8% fib level and monthly resistance zone around 106.000From here we are looking for short opportunities and will enter on lower timeframes setups confirming another bearish push….(The blue trade path)For us to consider long opportunities we want to see a break of our monthly resistance zone around 106.000 followed by a confirmed higher low.