Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
This move is a reversal from the hour prior, which saw price move up.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdjpy.
The closest is the 200 day average, which is 42.3 pips away.
Compared to its peers in the forex, usdjpy gave its buyers a return that ranked 34th in terms of percentage change since the day prior.
It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
Compared to its peers in the forex, usdjpy gave its buyers a return that ranked 32nd in terms of percentage change since the previous day.
Relative to other instruments in the forex asset class, usdjpy ranked 9th yesterday in terms of percentage price change.