(Last Updated January 7, 2021 2:15 GMT)
Currently, USDJPY’s rate is down -120 pips (-0.01%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDJPY. Given that we see an uptrend on the 10 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 10 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 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 entered today at 103.01, up 30 pips (0.29%) from yesterday. Relative to other instruments in the Forex asset class, USDJPY ranked 14th yesterday in terms of percentage price change. Below is a price chart of USDJPY.
USDJPY Technical Analysis
The first thing we should note is that 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. For additional context, note that price has gone up 7 out of the past 14 days.