(Last Updated February 19, 2021 0:22 GMT)
At the moment, GBPJPY’s rate is up 2.1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 pin bar candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 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, which opened today priced near 146.77940264, is down 61 pips 0.42% since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 34th for the day in terms of price change. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
The first thing we should note is that GBPJPY is now close to its 20 day averages, located at 144.3838 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 19 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.