USDJPY Down 1 Pips On Hourly Chart, 2 Day Down Streak Snapped; Eyes 20, 50 and 100 Day Averages

Hourly Update

(Last Updated September 6, 2021 23:13 GMT)

At the moment, USDJPY’s rate is down -110 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDJPY has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 entered today at 109.743, up 5 pips (0.05%) from the day prior. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 19th in terms of percentage change since the day prior. Let’s take a look at price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Notably, USDJPY is now close to its 20, 50, 100 and 200 day averages, located at 109.7912, 109.911, 109.9187 and 108.6202 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 4.8 pips away. Volatility for USDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 days.