GBP/JPY Down 39 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/JPY 4 Hour Price Update

Updated July 31, 2020 05:09 AM GMT (01:09 AM EST)

After 5 up four-hour candles, GBP/JPY snaps its streak, falling 39 pips (-0.29%) over the past four-hour candle to close at an exchange rate of 136.901. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 32nd in terms of percentage change since the last 4 hour candle.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is up 15 pips (0.11%) since yesterday (opening today near 137.27793326), marking the 4th day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Let’s take a look at price chart of GBP/JPY.

GBP/JPY

GBP/JPY Technical Analysis

The first thing we should note is that 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 200 day average, which is 43.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBP/JPY’s price has gone up 7 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

Of note is that traders in aggregate have opinions on GBPJPY, with 25 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 2.08, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBP/JPY waiting for fib retrace to .5-.618 zone, TP1 .236, TP2 0, TP3 -.25, TP4 -.618