GBP/JPY Up 27 Pips On 4 Hour Chart, Moves Down For the 2nd Day In A Row; is Inching Close to 50 and 100 Day Averages

GBP/JPY 4 Hour Price Update

Updated June 25, 2020 01:13 PM GMT (09:13 AM EST)

GBP/JPY is up 27 pips (0.2%) since the last 4 hour candle (opening the current 4 hour candle near 133.403), marking the 3rd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBP/JPY ranked 9th the last 4 hour candle in terms of percentage price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is down 8 pips (0.06%) since yesterday (opening today near 132.85042993), marking the 2nd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, GBP/JPY ended up ranking 31st for the day in terms of price change. Let’s take a look at price chart of GBP/JPY.

GBP/JPY Technical Analysis

Coming into today GBP/JPY is now close to its 20, 50 and 100 day averages, located at 135.0585, 133.3105 and 133.3404 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 46 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBP/JPY’s price has gone down 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 11 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.92, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This is an Analysis on the movement of GBP/JPY. I’ve Included my ENTRY AND TARGET for a Long Position. Also, I’ve marked up my trendlines and support/resistant zones! Feedback is very much appreciated!