USDJPY Up 2 Pips Over Past Hour, Moves Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 18, 2020 23:13 GMT)

At the moment, USDJPY’s rate is up 200 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDJPY has now gone up 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 100 hour timeframe. 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 20 pips (0.19%) since the previous day (opening today near 104.732), marking the 4th day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 34th the previous day in terms of percentage price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today USDJPY is now close to its 20, 50 and 100 day averages, located at 105.8906, 106.1045 and 106.7516 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDJPY’s price has gone down 6 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDJPY, with 25 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 1.19, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone, divergence, pennant and relative strength index technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram