GBP/JPY Down 6 Pips in Last 4 Hours, Came Into Today Up For the 5th Day In A Row; Eyes 200 Day Average

GBP/JPY 4 Hour Price Update

Updated July 23, 2020 09:23 AM GMT (05:23 AM EST)

GBP/JPY entered the current 4 hour candle at 136.356, down 6 pips (0.05%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, GBP/JPY ended up ranking 22nd for the four-hour candle in terms of price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is up 4 pips (0.03%) since yesterday (opening today near 136.4820667), marking the 5th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBP/JPY ranked 13th yesterday in terms of percentage price change. Here is a price chart of GBP/JPY.

GBP/JPY Technical Analysis

Coming into today the current price of GBP/JPY 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 200 day average, which is 59.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 19 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Be careful as this is a risky trade setup as we are going for the CD let. Anyway the RR is high.Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!