(Last Updated January 5, 2021 2:15 GMT)
At the time of this writing, USDJPY’s rate is down -340 pips (-0.03%) from the hour prior. USDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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)
The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 103.106, down 15 pips (0.14%) since the previous day. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 19th in terms of percentage change since the previous day. 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 and 100 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 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USDJPY’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!