(Last Updated May 17, 2021 4:15 GMT)
At the moment, USDJPY’s rate is down -30 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
The back and forth price flow continues for USDJPY, which started today off at 109.493, down 17 pips 0.15% from the day prior. Compared to its peers in the Forex, USDJPY gave its buyers a return that ranked 23rd in terms of percentage change since the day prior. The price chart of USDJPY below illustrates.
USDJPY Technical Analysis
Notably, USDJPY is now close to its 20, 50 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 50 day average, which is 36.2 pips away. 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. Or to simplify this another way, note that out of the past 14 days USDJPY’s price has gone down 9 them.