(Last Updated November 10, 2022 1:45 GMT)
At the moment, USDJPY’s rate is down -1790 pips (-0.12%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDJPY. 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. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)
The back and forth price flow continues for USDJPY, which started today off at 146.286, up 107 pips 0.74% from yesterday. Relative to other instruments in the Forex asset class, USDJPY ranked 6th yesterday in terms of percentage price change. Below is a price chart of USDJPY.
USDJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDJPY crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.