GBPJPY Down 18 Pips in Last Hour, is Inching Close to 50 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 13, 2020 2:18 GMT)

Currently, GBPJPY’s rate is down -17.9 pips (-0.13%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend 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 below it. 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)

After 3 up days, GBPJPY snaps its streak, falling 14 pips (-0.1%) over the past day to close at an exchange rate of 137.589. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 22nd in terms of percentage change since the previous day. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day averages, located at 135.7441, 137.7882, 136.3626 and 136.542 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 50 day average, which is 19.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 17 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!