GBP/JPY Up 76 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

GBP/JPY 4 Hour Price Update

Updated March 24, 2020 03:18 AM GMT (11:18 PM EST)

GBP/JPY entered the current 4 hour candle at 128.498, up 76 pips (0.6%) from the last 4 hour candle. Out of the 36 instruments in the Forex asset class, GBP/JPY ended up ranking 12th for the four-hour candle in terms of price change.

GBP/JPY Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

GBP/JPY is up 200 pips (1.57%) since yesterday’s New York session (opening today’s post-New York session near 129.15), marking the 2nd day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 9.32% from the day prior, but up 26.03% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/JPY ranked 4th yesterday’s New York session in terms of percentage price change. Here is a price chart of GBP/JPY.

GBP/JPY Technical Analysis

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 20 day average, which is 620.2 pips away. The clearest trend exists on the 30 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 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 16 buy signals on our radar and 14 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 a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPJPYLooking very interesting, I would have liked to see GBPJPY come a bit lower and reject off the 61.8 fib we got close but we technically didn’t reach it….I am keeping a close eye on GBPJPY for possible longs soon I believe we could push up to around 134….As I just said I would have liked for us to come a little lower and give us a clean rejection off the 61.8 fib but that might not happen and we need to be adaptable.