GBPJPY Down 5 Pips On Hourly Chart, Eyes 20 and 100 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 14, 2021 0:20 GMT)

At the moment, GBPJPY’s rate is down -5.2 pips (-0.03%) 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. 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 6 pips (0.04%) since the day prior (opening today near 153.21314004), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 18th the day prior in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, the current price of GBPJPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 19.6 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 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.