USDJPY stuck within tight trading range
US Dollar/Japanese Yen (USDJPY) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team
USDJPY finished Monday at 104.83 gaining 12 pips (0.11%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (USDJPY as at Oct 26, 2020):
Monday's trading range has been 41 pips (0.39%), that's slightly below the last trading month's daily average range of 45 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for USDJPY. Prices continued to consolidate within a tight trading range between 104.48 and 105.06 where it has been caught now for the last three trading days.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 104.34 where further sell stops might get activated. Further selling could move prices lower should the market test September's nearby low at 104.00.
With four out of the other six Major FX Pairs closing lower today, the ones that stand out on the negative side are EURUSD losing -0.44% and AUDUSD closing -0.22% lower. On the flipside the best performers have been USDCAD closing 0.68% higher and USDCHF gaining 0.38%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDTRY surging 1.54% and EURTRY closing 1.12% higher. The worst performers of the day have been TRYJPY tanking -1.37% and CADHKD closing -0.67% lower. Read more