(Last Updated November 17, 2020 2:19 GMT)
At the time of this writing, GBPJPY’s rate is down -2.1 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 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)
The back and forth price flow continues for GBPJPY, which started today off at 137.927, down 3 pips 0.02% from yesterday. Relative to other instruments in the Forex asset class, GBPJPY ranked 24th yesterday in terms of percentage price change. The price chart of GBPJPY below illustrates.
GBPJPY Technical Analysis
Coming into today the current price of GBPJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 99.1 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 up. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.