USDJPY Down 7 Pips On Hourly Chart, 2 Day Down Streak Ended; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 5, 2021 23:13 GMT)

At the moment, USDJPY’s rate is down -730 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDJPY. Given that we see downtrend on the 10 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 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)

The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 114.036, up 6 pips (0.05%) since yesterday. Relative to other instruments in the Forex asset class, USDJPY ranked 21st yesterday in terms of percentage price change. Below is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Notably, USDJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for USDJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days.