USD/JPY Up 1 Pips Over Past 4 Hours, 2 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated June 26, 2020 01:11 PM GMT (09:11 AM EST)

USD/JPY entered the current 4 hour candle at 106.991, up 1 pips (0.01%) from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/JPY ranked 11th the previous 4 hours in terms of percentage price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/JPY continues; to start today, it came in at a price of 107.17, down 2 pips (0.02%) since the day prior. Relative to other instruments in the Forex asset class, USD/JPY ranked 38th the day prior in terms of percentage price change. The price chart of USD/JPY below illustrates.

USD/JPY Technical Analysis

Coming into today USD/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 22 pips away. 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. 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. For additional context, note that price has gone down 8 out of the past 14 days. 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

We’re seeing some traders come out with interesting conviction on USDJPY, with 14 buy signals on our radar and 30 sell signals. This imputes a buy/sell ratio of 0.47, 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.

Buying in the area of 1,1180 with a stop below 1,1140 and a profit in the area of 1,1250….Buying in the area of 1,1090 with a stop below 1,1050 and a profit in the area of 1,1180….Buying in the area of 107,00 with a stop below 106,60 and a profit in the area of 107,90.