USD/JPY Up 2 Pips Over Past 4 Hours, is Inching Close to 50 and 100 Day Averages; Doji Pattern Appearing on Chart

USD/JPY 4 Hour Price Update

Updated May 25, 2020 09:06 PM GMT (05:06 PM EST)

USD/JPY is up 2 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 107.718), marking the 2nd candle in a row an increase 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 last 4 hour candle.

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 107.753, up 15 pips (0.14%) since the day prior. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 7th in terms of percentage change since the day prior. Let’s take a look at price chart of USD/JPY.

USD/JPY Technical Analysis

The first thing we should note is that 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 down 15 out of the past 30 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 21 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.4, 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.

Correlations: The Nikkei index keeps recovering from the sharp losses and continued to form fresh higher highs and higher lows. The USD/JPY pair shows some divergence with the index, but the 108.00 level is a key hurdle to the upside.