USD/JPY Down 6 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated November 23, 2021 1:37 GMT)

Currently, USDJPY’s rate is down -550 pips (-0.05%) 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 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 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 up 71 pips (0.62%) since yesterday (opening today near 114.795), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 7th yesterday in terms of percentage price change. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that the current price of USDJPY is sitting close to its 20 and 50 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 up. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone up 16 them.