Technical Analysis

The USDJPY has a range of over 500 pips with multi year records for pip and % changes down

The ranges are well above average

The moves today in the major currencies has seen low to high trading ranges well above the averages over the last 22 days (about a month of trading). For the USDJPY , the range is a whopping 513 pips from the high to low. That compares to 203 pip average of the last 22 trading days or 253% above its normal range. The USDCHF trading range is 210% of its normal trading range, while the EURUSD is 198% of its normal trading range. So big moves.

Putting the move in the USDJPY in perspective, the 3.04% move to the downside currently would represent the largest % decline since the pair fell -3.74% on June 24, 2016. Prior to today, the largest 1 day decline this year was -1.678%.

The pip lower of about -440 pips is the largest going back to at least 2011.

Looking at the daily chart, the pair moved down toward the 50% of the last move up from the August low. That level comes in at 141.159. The rising 100 day MA (blue line in the chart below) is at 140.73 currently. The last test of that MA was back in August. The price bounced.

Although the move is historic today from a pip and % change to the downside perspective, the pair has been been in a huge run up in 2022. The low in January 2022 was at 113.421. The high reached 151.93. The correction to the 50% is just of the last leg higher. So overall, if the dollar really started to correct, there is more room to roam.

Nevertheless, the day is quite impressive and historically impressive as well.

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