GBPJPY Down 1 Pips On Hourly Chart, Crosses 20 Day Moving Average; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated June 10, 2021 7:21 GMT)

At the moment, GBPJPY’s rate is down -1.3 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPJPY is down 19 pips (0.12%) since the day prior (opening today near 154.69591886), marking the 3rd straight day it has gone down. Relative to other instruments in the Forex asset class, GBPJPY ranked 25th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY crossed below its 20 day moving average yesterday. 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. Also of note is that on a 14 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 down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.