GBP/JPY 4 Hour Price Update
Updated March 25, 2020 01:36 PM GMT (09:36 AM EST)
GBP/JPY is up 31 pips (0.24%) since the previous 4 hours (opening the current 4 hour candle near 132.206), marking the 4th candle in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBP/JPY ended up ranking 12th for the four-hour candle in terms of price change.
GBP/JPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/JPY is up 27 pips (0.21%) since the previous day (opening today near 130.952709), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 9th in terms of percentage change since the previous day. Let’s take a look at price chart of GBP/JPY.
GBP/JPY Technical Analysis
Coming into today GBP/JPY is now close to its 20 day averages, located at 132.4459 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 149.3 pips away. Volatility for GBP/JPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBP/JPY’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPJPY, with 12 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Personally I am not taking this trade; however I would like to see the outcome of my analysis….Looks like a pretty simple setup….-Trendline retest (3x) confirmation-Weekly rejection candle-Would enter at the .50 fib retracement1:3 Risk/Reward (Conservative)This is a counter trend trade on the weekly time frame.