USDJPY Down 1 Pips On Hourly Chart, Crosses 20 Day Moving Average; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated October 16, 2020 3:15 GMT)

At the time of this writing, USDJPY’s rate is down -100 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDJPY has now gone down 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 and 5 hourly candle timeframe, so the meaning of the candles may require further exploration. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 105.423, up 26 pips (0.25%) from yesterday. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 11th in terms of percentage change since yesterday. The price chart of USDJPY below illustrates.

USDJPY

USDJPY Technical Analysis

First things first: USDJPY crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone up 16 them.