GBPJPY Down 9 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 10, 2021 18:24 GMT)

At the time of this writing, GBPJPY’s rate is down -8.8 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPJPY is down 19 pips (0.12%) since yesterday (opening today near 154.69591886), marking the 3rd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 25th for the day in terms of price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.