USDJPY Down 2 Pips On Hourly Chart; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 7, 2021 17:15 GMT)

At the time of this writing, USDJPY’s rate is down -210 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 entered today at 109.623, up 10 pips (0.09%) from the previous day. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 15th for the day in terms of price change. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that the current price of USDJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 8 them.