GBPJPY Down 18 Pips in Last Hour, 2 Day Up Streak Snapped; Eyes 20 Day Average

Hourly Update

(Last Updated April 7, 2021 3:21 GMT)

At the moment, GBPJPY’s rate is down -18.4 pips (-0.12%) from the hour prior. GBPJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see downtrend 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 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 151.77531558, down 149 pips 0.98% from the day prior. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 36th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 days.