USD/JPY Up 2 Pips Over Past Hour, Entered Today Up For the 2nd Day In A Row; Eyes 20 Day Average

Hourly Update

(Last Updated November 16, 2021 1:43 GMT)

Currently, USDJPY’s rate is up 170 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend 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 14 pips (0.12%) since the day prior (opening today near 114.151), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 16th the day prior in terms of percentage price change. Let’s take a look at price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that USDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone up 16 them.