GBP/JPY Down 14 Pips in Last Hour, 2 Day Up Streak Ended; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:32 GMT)

At the time of this writing, GBPJPY’s rate is down -0.139 (-0.1%) 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 doji candlestick pattern on GBPJPY. Given that we see downtrend on the 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 entered today at 139.366, down 29 pips (0.21%) from the previous day. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 31st in terms of percentage change since the previous day. 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, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 259.1 pips away. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 15 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 9 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.69, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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