(Last Updated September 24, 2020 0:17 GMT)
At the time of this writing, GBPJPY’s rate is up 2.2 pips (0.02%) from the hour prior. The hourly chart shows that GBPJPY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 52 pips (0.39%) since yesterday (opening today near 133.584), marking the 4th day in a row a decrease has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Here is a price chart of GBPJPY.
GBPJPY Technical Analysis
Notably, GBPJPY is now close to its 100 day averages, located at 135.6967 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 211.3 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. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPJPY, with 13 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GJ may make an impulse move back to the upside to the -0.272 Fibonacci line/zone. Based on price action alone, I call a likely bullish trend and breakout soon.