USDJPY Down 2 Pips Over Past Hour, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 15, 2021 3:16 GMT)

At the time of this writing, USDJPY’s rate is down -200 pips (-0.02%) from the hour prior. This is the 2nd straight hour USDJPY has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on USDJPY; it is now pointing up. 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 103.802, down 7 pips (0.06%) since the previous day. Out of the 40 instruments in the Forex asset class, USDJPY ended up ranking 23rd for the day in terms of price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today USDJPY is now close to its 20, 50, 100 and 200 day averages, located at 103.4867, 103.9527, 104.6758 and 105.8621 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!