GBPJPY Up 17 Pips in Last Hour, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 14, 2021 2:21 GMT)

At the time of this writing, GBPJPY’s rate is up 17.4 pips (0.12%) from the hour prior. This is the 2nd straight hour GBPJPY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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 entered today at 141.61, down 16 pips (0.11%) from yesterday. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 20th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, the current price of GBPJPY is sitting close to its 20 and 50 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. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.