(Last Updated November 12, 2021 5:19 GMT)
At the moment, GBPJPY’s rate is up 1.3 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 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 28 pips (0.19%) since yesterday (opening today near 152.4318345), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 24th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed below its 100 and 200 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 16.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 18 out of the past 30 days.