GBPJPY Down 8 Pips in Last Hour, in an Uptrend Over Past 90 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated February 22, 2021 23:21 GMT)

At the time of this writing, GBPJPY’s rate is down -8 pips (-0.05%) from the hour prior. GBPJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see downtrend on the 20 and 5 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBPJPY, which started today off at 147.60590499, down 2 pips 0.01% from yesterday. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 23rd for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that the current price of GBPJPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.