USDJPY Down 6 Pips in Last Hour, Crosses 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 19, 2020 10:15 GMT)

At the moment, USDJPY’s rate is down -600 pips (-0.06%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 50 hour moving averages, resulting in them so that price is now turning below them. 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)

The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 105.377, down 5 pips (0.04%) since yesterday. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDJPY crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!