USDJPY Down 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated February 19, 2021 23:15 GMT)

At the moment, USDJPY’s rate is down -240 pips (-0.02%) from the hour prior. USDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 down 20 pips (0.19%) since the day prior (opening today near 105.674), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 33rd the day prior in terms of percentage price change. 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, 100 and 200 day averages, located at 105.0626, 104.1881, 104.2143 and 105.1258 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 200 day average, which is 54.8 pips away. 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. For additional context, note that price has gone up 8 out of the past 14 days.