GBPJPY Down 6 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 25, 2021 23:20 GMT)

At the time of this writing, GBPJPY’s rate is down -5.6 pips (-0.04%) 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 100 hour timeframe. 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.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBPJPY continues; to start today, it came in at a price of 142.06576624, up 12 pips (0.08%) since the previous day. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20 and 50 day averages, located at 141.1612 and 140.013 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!