GBPJPY Down 3 Pips in Last Hour, Moves Up For the 3rd Straight Day; Eyes 50 Day Average

Hourly Update

(Last Updated October 12, 2020 2:19 GMT)

At the moment, GBPJPY’s rate is down -2.9 pips (-0.02%) from the hour prior. This is the 2nd straight hour GBPJPY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 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 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 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 63 pips (0.46%) since the day prior (opening today near 137.732), marking the 3rd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBPJPY ended up ranking 11th for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day averages, located at 135.6546, 137.8068, 136.2985 and 136.5675 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 50 day average, which is 7.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 11 them.