(Last Updated January 1, 2021 3:20 GMT)
At the time of this writing, GBPJPY’s rate is down -1.2 pips (-0.01%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 and 10 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 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 44 pips (0.31%) since yesterday (opening today near 141.002), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 12th yesterday in terms of percentage price change. Below is a price chart of GBPJPY.
GBPJPY Technical Analysis
Coming into today the current price of GBPJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 18 them.