(Last Updated July 27, 2021 2:14 GMT)
Currently, USDJPY’s rate is down -910 pips (-0.08%) from the hour prior. USDJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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)
The choppiness in the recent daily price action of USDJPY continues; to start today, it came in at a price of 110.33, down 21 pips (0.19%) since the day prior. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 30th in terms of percentage change since the day prior. The price chart of USDJPY below illustrates.
USDJPY Technical Analysis
The first thing we should note is that USDJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 16 out of the past 30 days.