(Last Updated November 7, 2022 1:35 GMT)
At the time of this writing, USDJPY’s rate is down -260 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDJPY has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. 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 146.65401, down 166 pips (1.12%) since yesterday. Relative to other instruments in the Forex asset class, USDJPY ranked 34th yesterday in terms of percentage price change. Let’s take a look at price chart of USDJPY.
USDJPY Technical Analysis
Notably, 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 up. For additional context, note that price has gone up 20 out of the past 30 days.