USDJPY Up 9 Pips in Last Hour, Moves Up For the 5th Day In A Row; Price Base in Formation Over Past 14 and 90 Days

Hourly Update

(Last Updated February 16, 2021 23:15 GMT)

At the moment, USDJPY’s rate is up 940 pips (0.09%) from the hour prior. The hourly chart shows that USDJPY has seen 2 straight up 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 doji candlestick pattern on USDJPY. Given that we see an uptrend on the 20 and 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 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 is up 34 pips (0.33%) since the previous day (opening today near 105.393), marking the 5th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDJPY ranked 9th the previous day in terms of percentage price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Notably, USDJPY crossed above its 200 day moving average yesterday. 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 24.7 pips away. 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. Also of note is that on the 14 and 90 day bases 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 14 days USDJPY’s price has gone up 9 them.