GBP/JPY Up 50 Pips Over Past 4 Hours, Entered Today Down For the 3rd Day In A Row; in an Uptrend Over Past 14 Days

GBP/JPY 4 Hour Price Update

Updated March 31, 2020 01:09 PM GMT (09:09 AM EST)

GBP/JPY entered the current 4 hour candle at 134.066, up 50 pips (0.38%) from the previous 4 hours. Relative to other instruments in the Forex asset class, GBP/JPY ranked 8th the previous 4 hours in terms of percentage price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is down 31 pips (0.23%) since the day prior (opening today near 133.5464226), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. Let’s take a look at price chart of GBP/JPY.

GBP/JPY Technical Analysis

Coming into today the current price of GBP/JPY 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. 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 20 day average, which is 193.7 pips away. 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. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, where price is headed down. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 7 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CONFIRMATIONS TO GO SHORT1. D completion of Bat Pattern2. Key Level3. 0.618 fib