USD/JPY Down 10 Pips On Hourly Chart, 4 Day Up Streak Snapped; in an Uptrend Over Past 30 Days – CFD Trading

Hourly Update

(Last Updated March 1, 2021 1:51 GMT)

At the time of this writing, USDJPY’s rate is down -1040 pips (-0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 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 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 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)

A moment of silence, please, for the end of USDJPY’s 4 day up streak; price ended the day prior down 5 pips (-0.05%) to finish the day at a rate of 106.496. Out of the 39 instruments in the Forex asset class, USDJPY ended up ranking 22nd for the day in terms of price change. Here is a price chart of USDJPY.

USDJPY

USDJPY Technical Analysis

Coming into today USDJPY is now close to its 20, 50, 100 and 200 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 20 day average, which is 102.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days.

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