JPYUSD dominated by bears dragging the market lower throughout the day


Japanese Yen/US Dollar (JPYUSD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

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

Overview

Moving lower for the 5th day in a row, JPYUSD ended the month -0.11% lower at 0.009265 after losing 31 pips (-0.33%) today. Today's close at 0.009265 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 0.009270, the currency confirmed its breakout through the previous session low after trading up to 10 pips below it intraday.

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

Daily technical analysis candlestick chart for Japanese Yen/US Dollar (JPYUSD) as at Jun 30, 2020

Tuesday's trading range has been 41 pips (0.44%), that's below the last trading month's daily average range of 58 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JPYUSD.

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

The forex pair closed below the 100-day moving average at 0.009267 for the first time since June 8th. When this moving average was crossed below the last time on June 2nd, JPYUSD 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 eight 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 JPY/USD. Out of 31 times, JPYUSD closed lower 54.84% 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 64.52% with an average market move of -0.69%.


Market Conditions for JPYUSD as at Jun 30, 2020

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