USD/JPY Up 12 Pips, in a Downtrend Over Past 14 Days; Doji and Pin Bar Patterns Appearing on Chart

USD/JPY Price Recap

USD/JPY enters today at 104.631 in US dollars, up 12 pips (0.12%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 48.49% from the day prior, and up 77.58% from the same day the week before. Relative to other instruments in the Forex asset class, USD/JPY ranked 18th yesterday in terms of percentage price change. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

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 20 day average, which is 361.6 pips away. 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 14 days USD/JPY’s price has gone down 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 4 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.36, which is bearish. 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.

and it is approved by a overbought stoch about to cross