(Last Updated April 9, 2021 3:21 GMT)
Currently, GBPJPY’s rate is up 7.9 pips (0.05%) from the hour prior. This is the 2nd consecutive hour GBPJPY has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 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 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 20, 50, 100 and 200 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 is down 78 pips (0.52%) since yesterday (opening today near 150.14942166), marking the 3rd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPJPY ranked 32nd yesterday in terms of percentage price change. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
Notably, the current price of GBPJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 16 them.