GBPJPY Up 6 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; Breaks Below 20 Day Average

Hourly Update

(Last Updated April 8, 2021 3:21 GMT)

At the time of this writing, GBPJPY’s rate is up 6 pips (0.04%) 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 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 85 pips (0.56%) since the day prior (opening today near 150.9292269), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 31st for the day in terms of price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 6 them.