(Last Updated April 30, 2021 4:21 GMT)
At the time of this writing, GBPJPY’s rate is down -8.4 pips (-0.06%) from the hour prior. This is the 2nd straight hour GBPJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 20 hour changed directions on GBPJPY; it is now pointing down. 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)
GBPJPY is up 47 pips (0.31%) since yesterday (opening today near 151.88130308), marking the 4th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 7th for the day in terms of price change. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
Notably, GBPJPY is now close to its 20 and 50 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 96.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 8 them.