(Last Updated September 8, 2020 15:16 GMT)
Currently, GBPJPY’s rate is down -14.5 pips (-0.1%) from the hour prior. GBPJPY has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward 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 141.016, up 3 pips (0.02%) since the previous day. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 18th in terms of percentage change since the previous day. The price chart of GBPJPY below illustrates.
GBPJPY Technical Analysis
The first thing we should note is that GBPJPY is now close to its 20 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 20 day average, which is 111.1 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPJPY, with 9 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.12, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
HERE ON THE H4 WE COULD SEE A BREAK FROM A COUNTER TRENDLINE….LETS SEE IF WE CAN GET A RETEST BEFORE RIDING THIS THING DOWN TO DAILY LOWS