(Last Updated September 16, 2020 23:14 GMT)
At the moment, USDJPY’s rate is down -60 pips (-0.01%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDJPY is down 28 pips (0.26%) since the previous day (opening today near 105.433), marking the 2nd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USDJPY ended up ranking 33rd for the day in terms of price change. Below is a price chart of USDJPY.
USDJPY Technical Analysis
Coming into today USDJPY is now close to its 20, 50, 100 and 200 day averages, located at 106.0014, 106.2002, 106.7924 and 107.7861 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 8 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDJPY, with 17 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.13, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a pennant technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.