USD/JPY Up 3 Pips On Hourly Chart; is Inching Close to 20 Day Average
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
(Last Updated November 27, 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
If we observe the 90, 30 and 14 day timeframes, we see a downtrend in place for USDJPY.
USDJPY Moving Averages
USDJPY’s moving averages suggest the trend on a number of time horizons is bearish. Moreover, today we saw the 20 moving average turn bearish.
The chart below illustrates.
In terms of correlations over the past week for USDJPY, it has been most correlated with GBPJPY. Over the past 14 days, however, CADJPY is the asset most correlated to USDJPY. Alternatively, GBPNZD has been the asset least correlated with USDJPY — the same as it has been over the past two weeks as well. 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
Currently, USDJPY’s rate is up 0.403 (0.39%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. As for the trend on the weekly timeframe, we see the clearest trend on the 10 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. USDJPY’s weekly price action over the past 52 weeks can be seen via the chart below.
USDJPY: The Monthly View
Clearest trend on the monthly is apparent at the 24 month timeframe.
USD/JPY Down 6 Pips in Last Hour, Eyes 20 and 50 Day Averages; Doji and Pin Bar Patterns Appearing on Chart
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USD/JPY Up 3 Pips On Hourly Chart, Breaks Below 20 Day Average; Doji and Pin Bar Patterns Appearing on Chart
Compared to its peers in the forex, usdjpy gave its buyers a return that ranked 24th in terms of percentage change since the previous day.
USD/JPY Up 4 Pips On Hourly Chart, Came Into Today Up For the 2nd Day In A Row; Breaks Above 20 Day Average
Relative to other instruments in the forex asset class, usdjpy ranked 5th yesterday in terms of percentage price change.
USDJPY Down 9 Pips Over Past Hour; 3 Day Down Streak Broken
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
USDJPY Down 5 Pips Over Past Hour, 3 Day Down Streak Broken; in a Downtrend Over Past 30 Days
This move is a reversal from the hour prior, which saw price move up.
USDJPY Up 2 Pips in Last Hour, Moves Down For the 3rd Consecutive Day; Pin Bar Pattern Appearing on Chart
It’s been a feast for bears operating on an hourly timeframe, as usdjpy has now gone down 8 of the past 10 hours.
USDJPY Down 7 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days
This move is a reversal from the hour prior, which saw price move up.
USDJPY Down 9 Pips On Hourly Chart; Nears 20 Day Moving Average
Price action traders may also wish to note that we see a doji candlestick pattern on usdjpy.
USDJPY Down 0 Pips in Last Hour, 2 Day Down Streak Snapped; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 15 out of the past 30 days.