FXY breaks below 100-day moving average for the first time since June 8th

CurrencyShares Japanese Yen ETF (FXY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


FXY breaks below 100-day moving average for the first time since June 8th
FXY falls to lowest close since June 8th
FXY dominated by bears dragging the market lower throughout the day
FXY closes lower for the 5th day in a row
FXY breaks below Monday's low


Moving lower for the 5th day in a row, FXY ended the month -0.14% lower at 87.71 after losing $0.28 (-0.32%) today. Today's close at 87.71 marks the lowest recorded closing price since June 8th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 87.78, the ETF confirmed its breakout through the previous session low after trading up to $0.08 below it intraday.

Daily Candlestick Chart (FXY as at Jun 30, 2020):

Daily technical analysis candlestick chart for CurrencyShares Japanese Yen ETF (FXY) as at Jun 30, 2020

Tuesday's trading range has been $0.37 (0.42%), that's above the last trading month's daily average range of $0.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FXY.

One bearish candlestick pattern matches today's price action, the Black Candle.

The market closed below the 100-day moving average at 87.82 for the first time since June 8th. When this moving average was crossed below the last time on June 2nd, FXY lost -0.20% on the following trading day.

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for FXY. Out of 37 times, FXY closed lower 54.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.76% with an average market move of -0.45%.

Market Conditions for FXY as at Jun 30, 2020

Loading Market Conditions for FXY (CurrencyShares Japanese Yen ETF)...
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