(Last Updated September 14, 2020 23:17 GMT)
Currently, GBPJPY’s rate is up 3.3 pips (0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 4 of the past 5 hours. 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 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 11 pips (0.08%) since the previous day (opening today near 135.773), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, GBPJPY ranked 26th the previous day in terms of percentage price change. Below is a price chart of GBPJPY.
GBPJPY Technical Analysis
The first thing we should note is that GBPJPY is now close to its 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 21.5 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPJPY, with 12 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
It seems GBPJPY is respecting downtrend channel on H1 timeframe. The target is the next important support to test with level 134.108