USDJPY Down 9 Pips On Hourly Chart, Came Into Today Up For the 2nd Day In A Row; Eyes 50 and 100 Day Averages
This is a reversal of the price action on the previous hour, in which price moved up.
USDJPY
(Last Updated October 22, 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
For USDJPY, we have to zoom out to the 90 day timeframe and beyond to see a clear trend; at that point, a clear downtrend becomes apparent.
USDJPY Moving Averages
USDJPY’s moving averages tell a multi-facted story about its trend. Of the 20, 50, 100, and 200 day averages — three of them (all but the 20) — are bearish, implying a downward trend, save for a spike that occurred about 3 weeks ago.
The chart below illustrates.
As for assets in the Forex asset class USDJPY has been correlated to over the past week, it has demonstrated the strongest correlation with EURGBP. Over the past 14 days, however, the asset showing the strongest correlation to USDJPY is EURJPY. On the flip side, the asset least correlated with USDJPY over the past week has been GBPNZD, but if we observe the prior two weeks, the asset least correlated with USDJPY has been USDNOK. The chart below illustrates USDJPY against its least correlated assets.
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The View From the Weekly Timeframe
At the time of this writing, USDJPY’s rate is up 0.11 (0.1%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists 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: The Monthly View
Monthly trend: strongest on the 24 month timeframe.
USDJPY Up 5 Pips in Last Hour; Breaks Above 50 Day Average
This is the 2nd hour in a row usdjpy has seen its price head up.
USDJPY Down 1 Pips in Last Hour, Crosses 20 and 50 Day Moving Averages; in an Uptrend Over Past 14 Days
Gbpusd technical analysis**: trend : 0 trend power: 1 overbought/oversold : absent preferable trade direction : sellsell near 1,2990 with a stop loss above 1,3040 and a take profit near 1,2860….
USD/JPY Up 8 Pips Over Past Hour, Sentiment Strongly Favors Sellers; Eyes 20 and 50 Day Averages
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
USDJPY Down 5 Pips in Last Hour; Breaks Above 20 and 50 Day Averages
This imputes a buy/sell ratio of 0.47, which is bearish.
USD/JPY Down 1 Pips in Last Hour, Breaks Below 20 Day Average; Price Base in Formation Over Past 14 Days
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
USDJPY Up 1 Pips in Last Hour, Breaks Below 20 Day Average; Price Base in Formation Over Past 14 Days
As for the rationale, technical traders seem to be citing the appearance of a stochastic technical pattern.
USDJPY Down 1 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Doji 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 3 Pips Over Past Hour, 5 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
USDJPY Up 3 Pips in Last Hour, in a Downtrend Over Past 90 Days; is Inching Close to 20 and 50 Day Averages
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.