GBP/JPY Down 9 Pips On 4 Hour Chart, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
GBPJPY
(Last Updated July 2, 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 a downtrend on shorter timeframes — but an uptrend on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
GBPJPY Moving Averages
Nuances in the trend on GBPJPY can be understood by observing the behavior of its moving averages. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bearish, suggesting the trend is generally downward, aside from a spike about 2 months prior.
The chart below illustrates.
As for assets in the Forex asset class GBPJPY has been correlated to over the past week, it has demonstrated the strongest correlation with AUDUSD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to GBPJPY is GBPUSD. On the flip side, the asset least correlated with GBPJPY over the past week has been AUDNZD, but over the past two weeks, the asset least correlated with GBPJPY has been EURCHF. The chart below illustrates GBPJPY against its least correlated assets.
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GBP/JPY Up 1 Pips Over Past 4 Hours, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart
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.
GBP/JPY Down 0 Pips Over Past 4 Hours, Entered Today Up For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart
It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.
GBP/JPY Down 24 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; 4 Day Up Streak Broken
For additional context, note that price has gone up 8 out of the past 14 days.
GBP/JPY Up 46 Pips Over Past 4 Hours, Moves Up For the 3rd Day In A Row; Eyes 100 Day Average
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.
GBP/JPY Up 4 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Doji Pattern Appearing on Chart
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.
GBP/JPY Down 28 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
The closest is the 100 day average, which is 11.2 pips away.
GBP/JPY Up 27 Pips On 4 Hour Chart, Moves Down For the 2nd Day In A Row; is Inching Close to 50 and 100 Day Averages
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.
GBP/JPY Down 1 Pips On 4 Hour Chart, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
GBP/JPY Down 47 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Breaks Above 50 and 100 Day Averages
As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns.