GBP/JPY Up 3 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Buying

GBP/JPY 4 Hour Price Update

Updated July 27, 2020 09:09 PM GMT (05:09 PM EST)

GBP/JPY is up 3 pips (0.02%) since the previous 4 hours (opening the current 4 hour candle near 135.658), marking the 3rd candle in a row it has gone up. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 16th in terms of percentage change since the previous 4 hours.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/JPY, which started today off at 135.72867742, down 3 pips 0.02% from yesterday. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 37th in terms of percentage change since yesterday. The price chart of GBP/JPY below illustrates.

GBP/JPY

GBP/JPY Technical Analysis

The first thing we should note is that GBP/JPY 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 20 day average, which is 61.4 pips away. 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 GBP/JPY’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 24 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 24, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is following an ascending trendline making higher highs & lows. Price has pulled back today, retesting a previous area of resistance as new support. Price rejected off this level & is now showing signs of continuing the uptrend & making a new higher high next.