USDJPY Down 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated February 17, 2021 23:15 GMT)

At the time of this writing, USDJPY’s rate is down -100 pips (-0.01%) from the hour prior. This is the 2nd straight hour USDJPY has seen its price head 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 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)

USDJPY is up 69 pips (0.65%) since the day prior (opening today near 106.082), marking the 6th straight day an upward move has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 4th the day prior in terms of percentage price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

The first thing we should note is that USDJPY is now close to its 20, 50, 100 and 200 day averages, located at 104.8541, 104.0912, 104.1944 and 105.1401 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 94.2 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone up 10 them.