GBP/JPY Price Recap
The choppiness in the recent daily price action of GBP/JPY continues; to start today, it comes in at a price of 143.17 US dollars, down 1 pips (0%) since yesterday. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 35.74% from the day before — and down 35.35% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/JPY ranked 18th yesterday in terms of percentage price change. Below is a price chart of GBP/JPY.
GBP/JPY Technical Analysis
The first thing we should note is that GBP/JPY is now close to its 20, 50 and 100 day averages, located at 142.6325, 142.882 and 140.6231 respectively, and thus may be at a key juncture along those timeframes. 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 28.8 pips away. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPJPY, with 14 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.7, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
On the weekly timeframe we see market forming ascending triangle ( https://www.tradingview.com/x/ZDhTTwA). Market consolidating within the triangle forming Elliott Impulse Wave (12345). Looking for market to push to the downside within the triangle to form the 5th pattern before breaking to the upside and penetrating the traingle’s resistance level.