GBPJPY Up 8 Pips On Hourly Chart, Nears 20 and 100 Day Moving Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated November 20, 2020 2:19 GMT)

At the time of this writing, GBPJPY’s rate is up 8 pips (0.06%) from the hour prior. The hourly chart shows that GBPJPY has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPJPY is down 19 pips (0.14%) since the day prior (opening today near 137.534), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPJPY ranked 27th the day prior in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 48.5 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.