GBP/JPY 4 Hour Price Update
Updated June 19, 2020 09:20 AM GMT (05:20 AM 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 132.903, up 1 pips (0.01%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/JPY ranked 14th the last 4 hour candle in terms of percentage price change.
GBP/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of GBP/JPY’s 3 day down streak; price ended the day prior up 15 pips (0.11%) to finish the day at a rate of 133.04737065. Relative to other instruments in the Forex asset class, GBP/JPY ranked 9th the day prior in terms of percentage price change. Let’s take a look at price chart of GBP/JPY.
GBP/JPY Technical Analysis
The first thing we should note is that GBP/JPY is now close to its 20, 50 and 100 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 50 day average, which is 28.7 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days GBP/JPY’s price has gone down 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPJPY, with 16 buy signals on our radar and 29 sell signals. This imputes a buy/sell ratio of 0.55, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
FX:GBPJPY I’m expecting to short after breaking the correction ascending channel.