GBP/JPY 4 Hour Price Update
Updated June 18, 2020 09:08 AM GMT (05:08 AM EST)
GBP/JPY is down 12 pips (0.09%) since the last 4 hour candle (opening the current 4 hour candle near 133.964), marking the 6th candle in a row a decline has happened. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 30th in terms of percentage change since the last 4 hour candle.
GBP/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/JPY is down 23 pips (0.17%) since yesterday (opening today near 134.11757817), marking the 3rd day in a row it has gone down. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 35th in terms of percentage change since yesterday. Here is a price chart of GBP/JPY.
GBP/JPY Technical Analysis
The first thing we should note is that GBP/JPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 26.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone down 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPJPY, with 13 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.76, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Falling wedge forming on the hourly chart, buy on the breakout. Bottom has been tested 3 times, painting some immediate support. Easy invalidation if crossing 133.46. Targeting next swing high around 136.3.