(Last Updated October 9, 2020 2:15 GMT)
At the time of this writing, USDJPY’s rate is down -920 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning below them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDJPY is up 7 pips (0.07%) since yesterday (opening today near 106.018), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 16th in terms of percentage change since yesterday. Let’s take a look at price chart of USDJPY.
USDJPY Technical Analysis
Notably, the current price of USDJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 6 out of the past 10 days.