Of note is that the 20 hour changed directions on gbpjpy; it is now pointing up.
This imputes a buy/sell ratio of 1.12, which is neutral.
A good chance to sell it might happen after breaking through the support line of the channel.will love to see it drop down to test s2 for 300-400 pips.
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.
Relative to other instruments in the forex asset class, gbpjpy ranked 18th yesterday in terms of percentage price change.
The closest is the 20 day average, which is 226.8 pips away.
At the time of this writing, gbpjpy’s rate is down -11.6 pips (-0.08%) from the hour prior.
This imputes a buy/sell ratio of 2.45, which is bullish.
Or to simplify this another way, note that out of the past 30 days gbp/jpy’s price has gone up 16 them.
Volatility for gbp/jpy has been contracting over the past two weeks relative to volatility over the past month.