(Last Updated September 15, 2020 23:17 GMT)
At the time of this writing, GBPJPY’s rate is up 9.5 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPJPY is down 11 pips (0.08%) since the day prior (opening today near 135.773), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 26th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
Coming into today GBPJPY is now close to its 50, 100 and 200 day averages, located at 137.7601, 135.5577 and 137.3073 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 21.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPJPY, with 12 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price has tried a number of times to breakout of this support zone as seen from the multiple wicks….Therefore, setting an alert could be helpful in telling us when the move may be ready….Note: Price could still decide to breakout of this support zone and continue selling.