GBP/JPY Up 10 Pips Over Past Hour, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 19, 2021 1:43 GMT)

At the time of this writing, GBPJPY’s rate is up 10.4 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

The back and forth price flow continues for GBPJPY, which started today off at 154.24112448, up 18 pips 0.12% from the day prior. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. 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 20 day average, which is 4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.