GBP/JPY Up 17 Pips in Last Hour, Moves Up For the 7th Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 3, 2022 1:42 GMT)

Currently, GBPJPY’s rate is up 17 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 50 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 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)

GBPJPY is up 94 pips (0.58%) since the day prior (opening today near 163.4135923), marking the 7th straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 12th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20 and 50 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 50 day average, which is 154.7 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 12 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.