USD/JPY Up 3 Pips in Last 4 Hours, Price Base in Formation Over Past 30 and 90 Days; Pin Bar Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated July 23, 2020 09:25 AM GMT (05:25 AM EST)

USD/JPY entered the current 4 hour candle at 107.157, up 3 pips (0.03%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/JPY ranked 15th the last 4 hour candle in terms of percentage price change.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/JPY is up 2 pips (0.02%) since the previous day (opening today near 107.17), marking the 2nd 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 16th in terms of percentage change since the previous day. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

Notably, USD/JPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 11 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.73, 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.

EURUSD* The technical cross-section**: Trend: 1 A strength of trend: 4 Overbought/oversold : overbuying The priority area of transactions : buyingBuying in the area of 1,1460 with a stop below 1,1400 and a profit in the area of 1,1540….GBPUSD The technical cross-section: Trend : 1 A strength of trend: 4 Overbought/oversold : overbuying The priority area of transactions: buyingBuying in the area of 1,2650 with a stop above 1,2600 and a profit in area 1,2750….USDJPY The technical cross-section: Trend: 0 A strength of trend: -1 Overbought/oversold: none The priority area of transactions: sellingSelling in the area of 107,80 with a stop above 108,30 and a profit in area 107,00.