GBPJPY Down 3 Pips On Hourly Chart, Came Into Today Up For the 3rd Day In A Row; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated February 16, 2021 23:21 GMT)

At the time of this writing, GBPJPY’s rate is down -2.8 pips (-0.02%) 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 pin bar 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPJPY is up 94 pips (0.65%) since yesterday (opening today near 146.64276627), marking the 3rd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 7th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20 day averages, located at 143.8758 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 20 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 7 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.47, which is bearish. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.

The British pound shot straight up in the air against the Japanese yen during trading on Monday as we kicked off the week on the good foot.