(Last Updated January 12, 2021 2:21 GMT)
Currently, GBPJPY’s rate is up 6.9 pips (0.05%) from the hour prior. This is the 3rd straight hour GBPJPY has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 50 hour changed directions on GBPJPY; it is now pointing up. 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, which opened today priced near 140.876, is down 6 pips 0.04% since yesterday, marking a reversal from the day prior — and the end of a 4 day positive run. Relative to other instruments in the Forex asset class, GBPJPY ranked 23rd yesterday in terms of percentage price change. Here is a price chart of 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. 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 9 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.