USD/JPY Up 19 Pips On Hourly Chart, 5 Day Up Streak Ended; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 13, 2022 1:35 GMT)

At the time of this writing, USDJPY’s rate is up 1860 pips (0.14%) from the hour prior. USDJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 doji candlestick pattern on USDJPY. Given that we see an uptrend on the 20, 10 and 5 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)

A moment of silence, please, for the end of USDJPY’s 5 day up streak; price ended the previous day down 0 pips (0%) to finish the day at a rate of 134.439. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 14th for the day in terms of price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.