GBP/JPY Down 27 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Social Sentiment Biased Towards Buying

GBP/JPY 4 Hour Price Update

Updated June 22, 2020 01:10 PM GMT (09:10 AM EST)

The choppiness in the recent four-hour candle price action of GBP/JPY continues; to start the current 4 hour candle, it came in at a price of 132.621, down 27 pips (0.2%) since the last 4 hour candle. Compared to its peers in the Forex, GBP/JPY gave its buyers a return that ranked 34th in terms of percentage change since the last 4 hour candle.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBP/JPY continues; to start today, it came in at a price of 131.8997666, down 8 pips (0.06%) since yesterday. Relative to other instruments in the Forex asset class, GBP/JPY ranked 37th yesterday in terms of percentage price change. Here is a price chart of GBP/JPY.

GBP/JPY Technical Analysis

The first thing we should note is that the current price of GBP/JPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 137.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBP/JPY’s price has gone down 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 19 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 4.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBP/JPY Long fib retrace to .5-.618 zone TP1 .236 and TP2 0 zone