(Last Updated April 20, 2021 2:20 GMT)
At the moment, GBPJPY’s rate is down -0.7 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 and 10 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
GBPJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for GBPJPY, which started today off at 151.2593082, up 98 pips 0.65% from yesterday. Relative to other instruments in the Forex asset class, GBPJPY ranked 5th yesterday in terms of percentage price change. Here is a price chart of GBPJPY.
GBPJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.