GBP/JPY Down 3 Pips in Last 4 Hours, in an Uptrend Over Past 30 Days; is Inching Close to 200 Day Average

GBP/JPY 4 Hour Price Update

Updated July 30, 2020 01:07 AM GMT (09:07 PM EST)

The back and forth price flow continues for GBP/JPY, which started the current 4 hour candle off at 136.325, down 3 pips 0.02% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, GBP/JPY ended up ranking 19th for the four-hour candle in terms of price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is up 1 pips (0.01%) since the previous day (opening today near 136.37181175), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBP/JPY ended up ranking 21st for the day in terms of price change. Let’s take a look at price chart of GBP/JPY.

GBP/JPY

GBP/JPY Technical Analysis

The first thing we should note is that GBP/JPY is now close to its 20, 50, 100 and 200 day averages, located at 135.3904, 134.903, 133.8768 and 136.8725 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 200 day average, which is 50.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days GBP/JPY’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 15 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.94, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Be sure to leave a comment let us know how do you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️