USDJPY Down 0 Pips On Hourly Chart, 2 Day Up Streak Broken; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated July 23, 2021 2:14 GMT)

At the time of this writing, USDJPY’s rate is down 0 pips (0%) 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. 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)

The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 110.102, down 17 pips (0.16%) since yesterday. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 26th in terms of percentage change since yesterday. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

First things first: USDJPY crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.