(Last Updated November 19, 2020 2:20 GMT)
At the time of this writing, GBPJPY’s rate is down -22.8 pips (-0.17%) from the hour prior. GBPJPY has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. 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 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 entered today at 137.722, down 28 pips (0.2%) from the day prior. Relative to other instruments in the Forex asset class, GBPJPY ranked 25th the day prior in terms of percentage price change. Here is a price chart of GBPJPY.
GBPJPY Technical Analysis
Coming into today the current price of GBPJPY is sitting close to its 20, 50, 100 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 100 day average, which is 70.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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 14 days GBPJPY’s price has gone up 7 them.