USDJPY Up 2 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated September 8, 2021 12:13 GMT)

At the moment, USDJPY’s rate is up 150 pips (0.01%) from the hour prior. This is the 2nd straight hour USDJPY has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDJPY is up 47 pips (0.43%) since yesterday (opening today near 110.297), marking the 3rd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 9th for the day in terms of price change. The price chart of USDJPY below illustrates.


USDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDJPY crossed above its 50 and 100 day moving averages yesterday. 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. The closest is the 100 day average, which is 36 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 10 them.