USDJPY Down 1 Pips in Last Hour, Came Into Today Down For the 3rd Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated February 22, 2021 23:15 GMT)

Currently, USDJPY’s rate is down -60 pips (-0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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. 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)

USDJPY is down 25 pips (0.24%) since the previous day (opening today near 105.423), marking the 3rd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 29th the previous day in terms of percentage price change. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

Coming into today USDJPY is now close to its 20, 50, 100 and 200 day averages, located at 105.1256, 104.2303, 104.2215 and 105.1149 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 29.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 8 them.