GBPJPY Down 0 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 26, 2021 3:21 GMT)

At the moment, GBPJPY’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 149.6670064, down 2 pips (0.02%) from the previous day. Relative to other instruments in the Forex asset class, GBPJPY ranked 23rd the previous day in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY is now close to its 20, 50 and 100 day averages, located at 150.7517, 150.7227 and 146.9692 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 7 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.54, which is bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello everyone, if you like the idea, do not forget to support with a like and follow.The following confluences have been observed and satisfied with the direction of market. Our trading plan is to bid at better price and hoping the market pick up our bid and move further with trend.The bidding plan should come with expiry date.D1/M55 (T.Cont.PB.AClim.VPOC)1. (D1)(Y)(MUST) AutoClimate indicate market for moving down (Curr:4 / Std:5.67)2. (M55)(Y)(MUST) Has valid UFO area with strong engulfing candle with very small wick3. (M55)(Y)(MUST) VPOC inside UFO area4. (M55)(Y)(MUST) EMA200/100/55 should align with EMA9 Daily5. (M55)(Y)(MUST) EMA9 Daily inside slightly near VPOC area6. (M55)(Y)(MUST) Stoch (14,3,3) above 50D1/M55GBPJPY SELL @ 150.240SL 150.631 (39.1)TP 149.067 (117.3)EXP 2021.04.28 00:05 UTC+3CANCEL WHEN D1 AUTOCLIMATE RESET COUNTINGTrading plan become invalid if one of below condition appear1. The price goes further down, causing the EMA200 & EMA9-daily has exceeded too wide with VPOC.2. Another potential VPOC has appeared and align with EMA200 & EMA9-daily3. Autoclimate at D1/W1 has reset countingDisclaimer Notice !!!The plan that shared here are not 100% confirm winning trade. There is no such thing as “always win” strategy. There will be a time we will face losing in rows. We are not pursuing high winning rate here. With R/R 1:3 and 30-40% winning rate and good money management, we can be consistent profit in the long run. Any trades you decide to take are your own. The trades shared here are for educational/informational purposes only and are Mulchen’s personal trades.Good luck!~Mulchen, CISSP