GBPJPY Up 10 Pips On Hourly Chart, 3 Day Up Streak Snapped; Breaks Below 50 Day Average

Hourly Update

(Last Updated April 14, 2021 3:20 GMT)

Currently, GBPJPY’s rate is up 10.1 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see downtrend on the 20 and 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)

After 3 up days, GBPJPY snaps its streak, falling 51 pips (-0.34%) over the past day to close at an exchange rate of 149.92713773. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 35th in terms of percentage change since the previous day. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Also of note is that on a 30 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 14 days GBPJPY’s price has gone up 8 them.