USD/JPY Up 1 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 3rd Consecutive Day

Hourly Update

(Last Updated September 8, 2021 1:44 GMT)

Currently, USDJPY’s rate is up 70 pips (0.01%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDJPY. Given that we see an uptrend on the 20 and 10 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 47 pips (0.43%) since yesterday (opening today near 110.297), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 9th yesterday in terms of percentage price change. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

First things first: USDJPY crossed above its 50 and 100 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 100 day average, which is 36 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 30 and 90 day periods 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 up 7 out of the past 10 days.