(Last Updated January 12, 2021 2:15 GMT)
At the time of this writing, USDJPY’s rate is up 720 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDJPY is up 29 pips (0.28%) since the previous day (opening today near 104.239), marking the 4th day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, USDJPY ended up ranking 15th for the day in terms of price change. Below is a price chart of USDJPY.
USDJPY Technical Analysis
First things first: USDJPY crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 9 them.