USDJPY Up 9 Pips Over Past Hour, in a Downtrend Over Past 90 Days; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated January 14, 2021 2:15 GMT)

At the time of this writing, USDJPY’s rate is up 930 pips (0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDJPY has now gone down 4 of the past 5 hours. 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 20 hour moving average, resulting in them with price now being above it. 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 103.869, up 12 pips (0.12%) since the previous day. Relative to other instruments in the Forex asset class, USDJPY ranked 14th the previous day in terms of percentage price change. Below is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that the current price of USDJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 6 out of the past 10 days.