GBP/JPY Up 32 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days
For additional context, note that price has gone up 15 out of the past 30 days.
GBPJPY
(Last Updated June 2, 2020)
Hello! This is the news page for GBPJPY. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
A trend/countertrend situation exists on GBPJPY, in which an uptrend exists on shorter timeframes but a downtrend appears 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
GBPJPY’s moving averages tell a multi-facted story about its trend. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 100 and 200 day averages that imply a bearish trend. Ultimately, this suggests a bullish trend on shorter timeframes, compared to a bearish trend when observing more than 3 months of data.
The chart below illustrates.
As for correlation, As for assets in the Forex asset class GBPJPY has been correlated to over the past week, it has been most correlated with GBPUSD. GBPUSD is the asset with which GBPJPY has been most correlated with over the past two weeks as well, so this may be a recurring pattern. Alternatively, the asset least correlated with GBPJPY over the past week has been EURCAD, but over the past two weeks, the asset least correlated with GBPJPY has been USDCNH. The chart below illustrates GBPJPY against its least correlated assets.
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GBP/JPY Down 14 Pips On 4 Hour Chart, Price Base in Formation Over Past 30 Days; Nears 100 Day Moving Average
Or to simplify this another way, note that out of the past 10 days gbp/jpy’s price has gone up 5 them.
GBP/JPY Down 11 Pips Over Past 4 Hours, Nears 50 Day Moving Average; Doji and Pin Bar Patterns Appearing on Chart
This imputes a buy/sell ratio of 3.22, which is bullish.
GBP/JPY Up 44 Pips Over Past 4 Hours, Entered Today Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days
Relative to other instruments in the forex asset class, gbp/jpy ranked 16th yesterday in terms of percentage price change.
GBP/JPY Down 13 Pips On 4 Hour Chart; Nears 50 Day Moving Average
Compared to its peers in the forex, gbp/jpy gave its buyers a return that ranked 23rd in terms of percentage change since the previous day.
GBP/JPY Up 24 Pips On 4 Hour Chart, is Inching Close to 50 Day Average; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 14 days gbp/jpy’s price has gone down 8 them.
GBP/JPY Down 26 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days
This imputes a buy/sell ratio of 1.38, which is bullish.
GBP/JPY Down 2 Pips Over Past 4 Hours, Sentiment Strongly Favors Sellers; is Inching Close to 20 Day Average
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
GBP/JPY Up 8 Pips in Last 4 Hours, in a Downtrend Over Past 30 Days; Eyes 20 Day Average
This imputes a buy/sell ratio of 0.22, which is bearish.
GBP/JPY Down 1 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Eyes 20 Day Average
As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci, head and shoulders and wedge technical patterns.