USD/JPY Up 14 Pips in Last 4 Hours, Came Into Today Down For the 4th Day In A Row; Price Base in Formation Over Past 30 and 90 Days

USD/JPY 4 Hour Price Update

Updated June 18, 2020 09:07 AM GMT (05:07 AM EST)

USD/JPY is up 14 pips (0.13%) since the last 4 hour candle (opening the current 4 hour candle near 107.002), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, USD/JPY gave its buyers a return that ranked 8th in terms of percentage change since the last 4 hour candle.

USD/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/JPY is down 11 pips (0.1%) since the day prior (opening today near 106.893), marking the 4th day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, USD/JPY ended up ranking 30th for the day in terms of price change. Here is a price chart of USD/JPY.

USD/JPY Technical Analysis

Coming into today 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. 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 54.3 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. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USD/JPY’s price has gone up 14 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 9 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.69, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The price is backtest the trendline.Kumo cloud opens thickly, no doubt downtrend is continuing.Entry: 107.26sl: 107.43tp: 106****If you earn profit from my post, please use 5-10% of it to charity.