GBP/JPY Up 20 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Moves Up For the 5th Day In A Row

GBP/JPY 4 Hour Price Update

Updated April 09, 2020 01:04 AM GMT (09:04 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 134.903, up 20 pips (0.15%) since the previous 4 hours. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 4th in terms of percentage change since the previous 4 hours.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is up 30 pips (0.22%) since the day prior (opening today near 135.0197706), marking the 5th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBP/JPY ended up ranking 6th for the day in terms of price change. Here is a price chart of GBP/JPY.

GBP/JPY Technical Analysis

Notably, the current price of GBP/JPY is sitting close to its 20, 50 and 200 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 50 day average, which is 115.6 pips away. Volatility for GBP/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 10 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. Here’s a piece we found on; below is a short snippet from it to give you a taste.

The British pound continues to rally against the Japanese yen in pressing the ¥135 level. If we can break above that handle, it’s very possible that we go looking towards the ¥137 level.