GBP/JPY Up 16 Pips in Last Hour, 4 Day Down Streak Snapped; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated June 16, 2022 1:42 GMT)

At the time of this writing, GBPJPY’s rate is up 16.2 pips (0.1%) from the hour prior. GBPJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend 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)

A moment of silence, please, for the end of GBPJPY’s 4 day down streak; price ended the day prior up 91 pips (0.56%) to finish the day at a rate of 163.2552792. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 12th in terms of percentage change since the day prior. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!