GBP/JPY Up 8 Pips On Hourly Chart; Moves Up For the 2nd Consecutive Day
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
GBPJPY
(Last Updated November 24, 2020)
Welcome to the news page for GBPJPY (GBPJPY). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
As for trends on GBPJPY, we’re seeing an uptrend on shorter timeframes — but a downtrend on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
GBPJPY Moving Averages
The moving averages on GBPJPY summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, implying a upward trend, aside from a fall about 6 months prior.
The chart below illustrates.
Regarding GBPJPY’s correlations over the past 7 days, it has been most correlated with USDTRY. Over the past 14 days, however, AUDJPY is the asset most correlated to GBPJPY. On the flip side, the asset least correlated with GBPJPY over the past week has been AUDCHF, but if we observe the prior two weeks, EURCAD has been the asset least correlated with GBPJPY. The chart below illustrates GBPJPY against its least correlated assets.
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The View From the Weekly Timeframe
Currently, GBPJPY’s rate is up 1.189 (0.86%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. The weekly chart below shows GBPJPY’s price action over the past year.
GBPJPY: The Monthly View
Monthly outlook: choppy. Clear trends not visible on the 24, 60 and 120 month timeframes.
GBPJPY Up 6 Pips in Last Hour; 2 Day Down Streak Broken
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.
GBPJPY Up 1 Pips On Hourly Chart; 2 Day Down Streak Snapped
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
GBPJPY Up 8 Pips On Hourly Chart, Nears 20 and 100 Day Moving Averages; Doji Pattern Appearing on Chart
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
GBPJPY Down 23 Pips On Hourly Chart
Relative to other instruments in the forex asset class, gbpjpy ranked 25th the day prior in terms of percentage price change.
GBPJPY Down 24 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
GBPJPY Down 2 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
GBP/JPY Up 5 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
GBP/JPY Down 14 Pips in Last Hour, 2 Day Up Streak Ended; Price Base in Formation Over Past 90 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
GBPJPY Up 9 Pips On Hourly Chart, 2 Day Up Streak Snapped; Price Base in Formation Over Past 90 Days
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.