USDJPY Up 5 Pips Over Past Hour, 4 Day Down Streak Ended; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated February 25, 2021 0:16 GMT)

At the moment, USDJPY’s rate is up 530 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists 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 an uptrend 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, which opened today priced near 105.269, is up 30 pips 0.28% since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. Relative to other instruments in the Forex asset class, USDJPY ranked 15th yesterday in terms of percentage price change. Below is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

First things first: USDJPY crossed above its 20 and 200 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 20 day average, which is 8.1 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. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.