GBP/JPY Down 1 Pips On 4 Hour Chart, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

GBP/JPY 4 Hour Price Update

Updated June 24, 2020 01:14 PM GMT (09:14 AM EST)

GBP/JPY is down 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 133.102), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 19th in terms of percentage change since the previous 4 hours.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY, which opened today priced near 133.3261195, is down 3 pips 0.02% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 32nd 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 50 day average, which is 1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 14 days GBP/JPY’s price has gone down 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 3 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Need suggestion from seniors. it looks me that it has break now resistance trendline.