(Last Updated July 20, 2021 2:14 GMT)
Currently, GBPJPY’s rate is down 0.6 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
GBPJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPJPY is down 147 pips (0.97%) since the previous day (opening today near 149.74145159), marking the 6th straight day a decline has happened. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. The price chart of GBPJPY below illustrates.
GBPJPY Technical Analysis
Notably, the current price of GBPJPY is sitting close to its 20, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 144.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone down 17 them.