USDJPY Up 1 Pips in Last Hour, Moves Down For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated February 11, 2021 1:16 GMT)

Currently, USDJPY’s rate is up 60 pips (0.01%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDJPY. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on USDJPY; it is now pointing up. 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 down 67 pips (0.64%) since the day prior (opening today near 104.558), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 35th in terms of percentage change since the day prior. Let’s take a look at price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDJPY crossed below its 200 day moving average 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 20 day average, which is 13.7 pips away. The clearest trend exists on the 14 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. For additional context, note that price has gone up 5 out of the past 10 days.