GBPJPY Down 1 Pips On Hourly Chart, Crosses 200 Day Moving Average; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated October 14, 2020 2:18 GMT)

Currently, GBPJPY’s rate is down -1.5 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 12 of the past 14 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see downtrend on the 20, 10 and 5 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)

GBPJPY is down 118 pips (0.86%) since the day prior (opening today near 136.405), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPJPY ranked 38th the day prior in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed below its 200 day moving average yesterday. 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 0.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 10 them.