GBP/JPY Up 20 Pips On 4 Hour Chart; Came Into Today Down For the 2nd Day In A Row

GBP/JPY 4 Hour Price Update

Updated July 24, 2020 09:08 PM GMT (05:08 PM EST)

The choppiness in the recent four-hour candle price action of GBP/JPY continues; to start the current 4 hour candle, it came in at a price of 135.487, up 20 pips (0.15%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, GBP/JPY ended up ranking 6th for the four-hour candle in terms of price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is down 11 pips (0.08%) since the previous day (opening today near 136.04541552), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Below is a price chart of GBP/JPY.

GBP/JPY

GBP/JPY Technical Analysis

Coming into today GBP/JPY is now close to its 20, 50, 100 and 200 day averages, located at 134.9658, 134.6957, 133.7368 and 137.0431 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 99.8 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBP/JPY’s price has gone down 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 17 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.89, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPJPY has formed a channel and considering the gbp strength, we can still look for more upside.