USD/JPY Heads Up For the 2nd Day In A Row; Crosses 20 Day Moving Average

USD/JPY Price Recap

USD/JPY is up 37 pips (0.35%) since yesterday (with its current price near 108.037), marking the 2nd day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 12.81% from the day prior, but up 29.97% from the same day the week before. Relative to other instruments in the Forex asset class, USD/JPY ranked 16th yesterday in terms of percentage price change. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, USD/JPY crossed above its 20 day moving average yesterday. 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 19.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USD/JPY’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 7 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.78, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

usd/jpy breaks the triangle pattern upwards and probably rises as much as the regular triangle. Como Cloud and MacD also show up.