GBPJPY Up 14 Pips On Hourly Chart, Breaks Above 20 Day Average; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 30, 2021 2:19 GMT)

At the time of this writing, GBPJPY’s rate is up 13.6 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

GBPJPY entered today at 151.35328109, up 1 pips (0.01%) from the previous day. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 22nd for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed above its 20 day moving average yesterday. 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 20 day average, which is 3.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.