JPYAUD pushes through Thursday's high

Japanese Yen/Australian Dollar (JPYAUD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


JPYAUD fails to close above 100-day moving average
JPYAUD closes higher for the 2nd day in a row
JPYAUD pushes through Thursday's high


Moving higher for the 2nd day in a row, JPYAUD ended the week -2.38% lower at 0.014213 after gaining 59 pips (0.42%) today. Closing above Thursday's high at 0.014184, JPY/AUD confirmed its breakout through the prior session high after trading up to 114 pips above it intraday.

Daily Candlestick Chart (JPYAUD as at May 22, 2020):

Daily technical analysis candlestick chart for Japanese Yen/Australian Dollar (JPYAUD) as at May 22, 2020

Friday's trading range has been 174 pips (1.23%), that's slightly below the last trading month's daily average range of 182 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JPYAUD.

After spiking up to 0.014298 during the day, the market found resistance at the 100-day moving average at 0.014233. The last time this happened on January 8th, JPYAUD lost -0.27% on the following trading day.

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

Selling might speed up should prices move below the close-by swing low at 0.014069 where further sell stops could get activated. Trading close to March's low at 0.013982 we might see further downside momentum if potential sell stops at the level get triggered.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for JPY/AUD. Out of 540 times, JPYAUD closed lower 53.15% of the time on the next trading day after the market condition occurred.

Market Conditions for JPYAUD as at May 22, 2020

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