USDJPY Up 1 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Eyes 50 Day Average

Hourly Update

(Last Updated May 6, 2021 3:15 GMT)

Currently, USDJPY’s rate is up 140 pips (0.01%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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 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 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)

The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 109.242, down 7 pips (0.07%) since the day prior. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 25th for the day in terms of price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that USDJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 12.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.