GBP/JPY Down 7 Pips On Hourly Chart; 3 Day Down Streak Snapped

Hourly Update

(Last Updated April 28, 2022 1:43 GMT)

At the moment, GBPJPY’s rate is down -6.8 pips (-0.04%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

After 3 down days, GBPJPY snaps its streak, rising 95 pips (0.59%) over the past day to close at an exchange rate of 161.0105313081. Relative to other instruments in the Forex asset class, GBPJPY ranked 8th the day prior in terms of percentage price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50 and 100 day averages, located at 163.4004, 158.9475 and 157.2001 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 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 GBPJPY’s price has gone up 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 12 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. 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.

GOODLUCK EVERYONE ! Keep your chart looks simple. just wait at the Key level, and wait for REACTION before put an Entry. Manage ur Risk wisely.