USDJPY Up 1 Pips in Last Hour, 2 Day Down Streak Broken; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated September 17, 2021 23:13 GMT)

Currently, USDJPY’s rate is up 90 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 entered today at 109.707, up 39 pips (0.35%) from yesterday. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 14th for the day in terms of price change. Below is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Notably, USDJPY is now close to its 20, 50, 100 and 200 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 16.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone up 5 out of the past 10 days.