USD/JPY Up 9 Pips On Hourly Chart, 4 Day Up Streak Broken; Eyes 100 Day Average

Hourly Update

(Last Updated November 23, 2022 2:16 GMT)

At the moment, USDJPY’s rate is up 900 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 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)

A moment of silence, please, for the end of USDJPY’s 4 day up streak; price ended yesterday down 94 pips (-0.66%) to finish the day at a rate of 141.202. Relative to other instruments in the Forex asset class, USDJPY ranked 34th yesterday in terms of percentage price change. Below is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today USDJPY is now close to its 20 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 13.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 6 out of the past 10 days.