GBP/JPY Down 47 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Breaks Above 50 and 100 Day Averages

GBP/JPY 4 Hour Price Update

Updated June 23, 2020 01:12 PM GMT (09:12 AM EST)

A moment of silence, please, for the end of GBP/JPY’s 5 four-hour candle up streak; price ended the last 4 hour candle down 47 pips (-0.35%) to finish the four-hour candle at a rate of 133.384. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 36th in terms of percentage change since the last 4 hour candle.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is up 30 pips (0.23%) since the previous day (opening today near 133.5870974), 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 6th for the day in terms of price change. The price chart of GBP/JPY below illustrates.

GBP/JPY Technical Analysis

First things first: GBP/JPY crossed above its 50 and 100 day moving averages yesterday. 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 100 day average, which is 14.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBP/JPY’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 13 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.87, which is neutral. 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.

It is under resistance trendline should go down. Target can be 200 to 300 pips. it is my opinion DYOR. Thanks