USD/JPY Down 20 Pips in Last Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 17, 2022 1:39 GMT)

At the moment, USDJPY’s rate is down -1960 pips (-0.14%) 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. 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)

The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 139.388, up 37 pips (0.27%) since yesterday. Relative to other instruments in the Forex asset class, USDJPY ranked 18th yesterday in terms of percentage price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today the current price of USDJPY is sitting close to its 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 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone up 20 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.