USD/JPY Up 8 Pips Over Past Hour, Came Into Today Up For the 3rd Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated November 17, 2021 1:44 GMT)

At the moment, USDJPY’s rate is up 820 pips (0.07%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 is up 79 pips (0.69%) since the day prior (opening today near 114.943), marking the 3rd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 8th for the day in terms of price change. Let’s take a look at 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDJPY’s price has gone up 16 them.