GBP/JPY Up 5 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 13, 2020 1:32 GMT)

Currently, GBPJPY’s rate is up 0.046 (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 153 pips (1.09%) since yesterday (opening today near 137.84), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 38th in terms of percentage change since yesterday. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20, 50, 100 and 200 day averages, located at 136.6822, 136.4342, 136.8218 and 135.8267 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 100 day average, which is 101.8 pips away. The clearest trend exists on the 14 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 up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 8 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.14, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and harmonic technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price was reversed to the downside as break market structure from the previous Higher Low. It always retested daily TRendline . We could see price move to 136.500 midpoint