USD/JPY Up 12 Pips, in a Downtrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

USD/JPY Price Recap

The choppiness in the recent daily price action of USD/JPY continues; to start today, it comes in at a price of 104.631 US dollars, up 12 pips (0.12%) since yesterday. 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. Let’s take a look at 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. For additional context, note that price has gone up 15 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 13 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Supply Zone between A – BEntry Below Line B – @1.2761SL above the Supply Zone – @ 1.2651TP above long-standing Support Level – 1.258Risk Reward Ratio – 1:2Total PIPs Achieved – 178!…(check the comment for actual trade Screen from my MT4)————————————Follow the channel for more strong and in-depth analysis like this….Share the love with your friends and let me what do you think, Leave a comment :)For live trading signals trials Telegram – @Tradingmoore