USDJPY Down 11 Pips in Last Hour, Entered Today Up For the 2nd Day In A Row; is Inching Close to 20 and 200 Day Averages

Hourly Update

(Last Updated February 12, 2021 17:17 GMT)

At the moment, USDJPY’s rate is down -1050 pips (-0.1%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them with price now being below 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)

USDJPY is up 11 pips (0.1%) since the previous day (opening today near 104.746), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today 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. 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 23.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone up 18 them.