USDJPY Up 1 Pips in Last Hour; Came Into Today Down For the 5th Consecutive Day

Hourly Update

(Last Updated September 22, 2020 0:14 GMT)

Currently, USDJPY’s rate is up 110 pips (0.01%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDJPY is down 19 pips (0.18%) since the previous day (opening today near 104.544), marking the 5th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDJPY ranked 24th the previous day in terms of percentage price change. Below is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Notably, USDJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 27 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 1.59, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Since the general trend is bearish as confirmed by the slow MA, USDJPY may go down after the price tests the lower line of the triangle. Wait for the price to react on that level and seek confirmation from a (hopefully) high RSI value


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram