USDJPY Up 2 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 24, 2020 0:14 GMT)

At the moment, USDJPY’s rate is up 190 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 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 28 pips (0.27%) since the previous day (opening today near 104.924), marking the 2nd consecutive day an upward move has occurred. Out of the 40 instruments in the Forex asset class, USDJPY ended up ranking 8th for the day in terms of price change. Let’s take a look at price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today USDJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDJPY’s price has gone down 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 19 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.9, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

His speeches always create volatility in USD pairs….High volatility expected and his speech is seen as a USD strength….- FED William’s speech: his speeches are important however do not create high volatility in the market.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram