(Last Updated January 4, 2021 2:20 GMT)
At the moment, 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. Regarding the trend, note that the strongest trend 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 the previous day (opening today near 141.002), marking the 3rd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBPJPY ended up ranking 12th for the day in terms of price change. Below is a price chart of GBPJPY.
GBPJPY Technical Analysis
The first thing we should note is that GBPJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 6 them.