Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpjpy.
Relative to other instruments in the forex asset class, gbpjpy ranked 34th the day prior in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Relative to other instruments in the forex asset class, gbpjpy ranked 24th yesterday in terms of percentage price change.
It’s been a feast for bulls operating on an hourly timeframe, as gbpjpy has now gone up 4 of the past 5 hours.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
Compared to its peers in the forex, gbpjpy gave its buyers a return that ranked 32nd in terms of percentage change since yesterday.
Volatility for gbpjpy has been contracting over the past two weeks relative to volatility over the past month.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.