USD/JPY Up 13 Pips Over Past 4 Hours, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated May 19, 2020 05:11 PM GMT (01:11 PM EST)

USD/JPY is up 13 pips (0.12%) since the previous 4 hours (opening the current 4 hour candle near 107.882), marking the 3rd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, USD/JPY ended up ranking 15th 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 is up 7 pips (0.07%) since the previous day (opening today near 107.377), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 14th in terms of percentage change since the previous day. Below is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, the current price of USD/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 14 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2, 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 tradingview.com; below is a short snippet from it to give you a taste.

The probable scenario the price can go to the downside as we can spot an INVERTED HAMMER candlestick pattern that indicates there are more sellers coming into the market and it can break the most recent low & retrace then continue to the downside….The possible scenario of this market, the price can also break impulsively the supply zone and retrace before going to the upside….Note if the price break in an Ascending Nature it is a high probability that the price may go to the downside because of the added confluence of reversal pattern.