GBPJPY Up 2 Pips in Last Hour, 3 Day Up Streak Broken; is Inching Close to 20 Day Average

Hourly Update

(Last Updated March 31, 2021 0:21 GMT)

Currently, GBPJPY’s rate is up 2.2 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPJPY has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, GBPJPY snaps its streak, falling 13 pips (-0.08%) over the past day to close at an exchange rate of 151.25848332. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 24th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.