USDJPY Down 9 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 22, 2021 1:14 GMT)

Currently, USDJPY’s rate is down -900 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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 109.384, down 59 pips (0.54%) since yesterday. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 28th in terms of percentage change since yesterday. Let’s take a look at price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

First things first: USDJPY crossed below its 20 and 50 day moving averages yesterday. 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 200 day average, which is 36.9 pips away. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 5 out of the past 10 days.