GBPJPY Down 24 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 18, 2020 2:19 GMT)

At the time of this writing, GBPJPY’s rate is down -24.3 pips (-0.18%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20, 200 and 50 hour moving averages have been crossed, so that price is now turning below them. 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 entered today at 137.999, up 7 pips (0.05%) from yesterday. Out of the 40 instruments in the Forex asset class, GBPJPY ended up ranking 17th for the day in terms of price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20, 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 102.1 pips away. It should be noted, though, the 50 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 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!