USDJPY Down 6 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 10, 2021 18:16 GMT)

At the time of this writing, USDJPY’s rate is down -620 pips (-0.06%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight down hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 16 pips (0.15%) since yesterday (opening today near 109.631), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that USDJPY is now close to its 20, 50 and 100 day averages, located at 109.3761, 109.0165 and 108.622 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 9 them.