(Last Updated April 23, 2021 2:20 GMT)
Currently, GBPJPY’s rate is down -4.4 pips (-0.03%) from the hour prior. This is the 2nd consecutive hour GBPJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
GBPJPY is down 109 pips (0.72%) since the previous day (opening today near 149.4067266), marking the 3rd straight day it has gone down. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
The first thing we should note is that GBPJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Volatility for GBPJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 15 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPJPY, with 5 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.45, which is bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.