USD/JPY Up 1 Pips Over Past Hour, 5 Day Down Streak Snapped; Pin Bar Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
USDJPY
(Last Updated September 21, 2020)
Hello! This is the news page for USDJPY. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On USDJPY, there is currently a downtrend on the 90, 30 and 14 day timeframes.
USDJPY Moving Averages
The moving averages on USDJPY indicate a trend that is clearly bearish.
The chart below illustrates.
As for assets in the Forex asset class USDJPY has been correlated to over the past week, it has been most correlated with EURNZD. Over the past 14 days, however, the asset showing the strongest correlation to USDJPY is USDCNH. On the flip side, EURUSD has been the asset least correlated with USDJPY — but over the past two weeks, AUDCHF has been the asset least correlated with USDJPY. See the chart below to observe the recent price action in USDJPY versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the moment, USDJPY’s rate is down -1.587 (-1.5%) from the week prior. USDJPY has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows USDJPY’s price action over the past year.
USDJPY Up 3 Pips On Hourly Chart, 5 Day Down Streak Broken; in a Downtrend Over Past 14 Days
Relative to other instruments in the forex asset class, usdjpy ranked 19th the previous day in terms of percentage price change.
USDJPY Up 1 Pips in Last Hour; Came Into Today Down For the 5th Consecutive Day
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
USDJPY Up 2 Pips Over Past Hour, Moves Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
USDJPY Down 0 Pips Over Past Hour; Entered Today Down For the 2nd Straight Day
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
USDJPY Down 1 Pips On Hourly Chart; Entered Today Down For the 2nd Day In A Row
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
USDJPY Down 1 Pips On Hourly Chart, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
USDJPY Down 2 Pips On Hourly Chart, Price Base in Formation Over Past 14 and 30 Days; Eyes 20 and 50 Day Averages
Or to simplify this another way, note that out of the past 30 days usdjpy’s price has gone up 17 them.
USDJPY Up 9 Pips On Hourly Chart; Crosses 20 Day Moving Average
It’s been a feast for bears operating on an hourly timeframe, as usdjpy has now gone down 4 of the past 5 hours.
USDJPY Up 2 Pips in Last Hour; Breaks Above 20 Day Average
Relative to other instruments in the forex asset class, usdjpy ranked 17th the previous day in terms of percentage price change.