USD/JPY Up 7 Pips in Last Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 3, 2022 1:37 GMT)

At the time of this writing, USDJPY’s rate is up 720 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 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, which opened today priced near 129.946, is down 21 pips 0.16% since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 26th for the day in terms of price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today the current price of USDJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.