GBPJPY Up 11 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 8, 2021 12:20 GMT)

Currently, GBPJPY’s rate is up 11.3 pips (0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 10 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)

GBPJPY entered today at 151.99919273, up 2 pips (0.02%) from the day prior. Relative to other instruments in the Forex asset class, GBPJPY ranked 24th the day prior in terms of percentage price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that the current price of GBPJPY is sitting close to its 20, 50, 100 and 200 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 50 day average, which is 26.2 pips away. It should be noted, though, the 20 and 50 day simple moving averages 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 11 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.