USD/JPY Up 19 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Moves Up For the 3rd Day In A Row

USD/JPY 4 Hour Price Update

Updated June 30, 2020 09:10 PM GMT (05:10 PM EST)

USD/JPY is up 19 pips (0.18%) since the previous 4 hours (opening the current 4 hour candle near 107.973), marking the 5th candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/JPY ranked 9th the previous 4 hours in terms of percentage price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/JPY is up 4 pips (0.04%) since yesterday (opening today near 107.614), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 24th in terms of percentage change since yesterday. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

First things first: USD/JPY crossed above its 100 day moving average yesterday. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USD/JPY’s price has gone up 16 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

Of note is that traders in aggregate have opinions on USDJPY, with 27 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

USD/JPY eyes the 200-day moving average, S&P 500 forms Descending Triangle at key resistance as US-China tensions escalate.