GBPJPY Down 1 Pips in Last Hour, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 6, 2021 2:20 GMT)

At the moment, GBPJPY’s rate is down 0.5 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see an uptrend on the 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPJPY is up 27 pips (0.17%) since the previous day (opening today near 153.27024064), marking the 2nd day in a row an upward move 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. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that the current price of GBPJPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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.