GBPJPY Down 9 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated June 1, 2021 2:21 GMT)

At the moment, GBPJPY’s rate is down -8.9 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on GBPJPY; it is now pointing down. 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)

The back and forth price flow continues for GBPJPY, which started today off at 155.7343088, down 11 pips 0.07% from the day prior. 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. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY is now close to its 20 and 50 day averages, located at 154.3536 and 152.2958 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 5 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.