(Last Updated September 25, 2020 6:17 GMT)
Currently, GBPJPY’s rate is up 9.3 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. 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)
After 4 down days, GBPJPY snaps its streak, rising 47 pips (0.35%) over the past day to close at an exchange rate of 134.054. Out of the 40 instruments in the Forex asset class, GBPJPY ended up ranking 18th for the day in terms of price change. Below is a price chart of GBPJPY.
GBPJPY Technical Analysis
Coming into today GBPJPY is now close to its 100 and 200 day averages, located at 135.7282 and 136.9584 respectively, and thus may be at a key juncture along those timeframes. 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 167.4 pips away. The clearest trend exists on the 14 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 14 days GBPJPY’s price has gone down 8 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPJPY, with 10 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
My approach will be a short sell below 134.300 Maintain Stop loss near 134.650 Potential downside target 133.800 Follow the levels as mentioned….Managed by top most renowned trader – Pulak Priyesh 10 + years of trading experience Professional Day trader Excellence award winning mentor Professional chart, clear chart without junks….Major S/R levels with inner insights Frequent Day & Swing trade levels All major and minor FX/INDICES covered Thanks !!