USDJPY Down 1 Pips in Last Hour, 3 Day Down Streak Snapped; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated May 28, 2021 1:15 GMT)

At the moment, USDJPY’s rate is down -80 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USDJPY’s 3 day down streak; price ended the previous day up 36 pips (0.33%) to finish the day at a rate of 109.157. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 12th in terms of percentage change since the previous day. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDJPY crossed above its 20 and 50 day moving averages yesterday. 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 4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone down 18 them.