GBP/JPY Up 46 Pips Over Past 4 Hours, Moves Up For the 3rd Day In A Row; Eyes 100 Day Average

GBP/JPY 4 Hour Price Update

Updated June 30, 2020 09:10 PM GMT (05:10 PM EST)

GBP/JPY is up 46 pips (0.34%) since the last 4 hour candle (opening the current 4 hour candle near 133.764), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/JPY ranked 3rd the last 4 hour candle in terms of percentage price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is up 23 pips (0.18%) since yesterday (opening today near 132.52771714), marking the 3rd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, GBP/JPY ended up ranking 8th for the day in terms of price change. Let’s take a look at 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 100 day average, which is 59.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPJPY, with 5 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Be sure to leave a comment let us know how do you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️