GBPJPY Up 2 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated September 22, 2020 0:17 GMT)

At the moment, GBPJPY’s rate is up 2.3 pips (0.02%) from the hour prior. GBPJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 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 86 pips (0.64%) since yesterday (opening today near 135.005), marking the 2nd consecutive 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. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed below its 100 day moving average yesterday. 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 66.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 7 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.37, which is bearish. 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.

GBPJPY has broken out of the megaphone and the flag has also broken. more sell is expected


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram