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.
GBPJPY
(Last Updated July 7, 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
As for trends on GBPJPY, we’re seeing an uptrend on shorter timeframes — but a downtrend on the 30 day timeframe. As such, traders with short positions should be aware of the downtrend 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. The 50 and 100 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 200 day averages that imply a bearish trend.
Below is a chart showing GBPJPY’s price with its moving averages.
As for assets in the Forex asset class GBPJPY has been correlated to over the past week, it has been most correlated with GBPUSD. If we zoom out to a two week basis, though, EURNOK is the asset most correlated to GBPJPY. On the flip side, the asset least correlated with GBPJPY over the past week has been EURCAD, but if we observe the prior two weeks, GBPAUD has been the asset least correlated with GBPJPY. The chart below illustrates GBPJPY against its least correlated assets.
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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.
GBP/JPY Down 27 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Social Sentiment Biased Towards Buying
Relative to other instruments in the forex asset class, gbp/jpy ranked 37th yesterday in terms of percentage price change.
GBP/JPY Up 1 Pips Over Past 4 Hours, 3 Day Down Streak Snapped; in a Downtrend Over Past 14 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
GBP/JPY Down 12 Pips in Last 4 Hours, Came Into Today Down For the 3rd Day In A Row; in a Downtrend Over Past 14 Days
Bottom has been tested 3 times, painting some immediate support.
GBP/JPY Up 17 Pips Over Past 4 Hours, in a Downtrend Over Past 14 Days; Nears 20 Day Moving Average
Or to simplify this another way, note that out of the past 14 days gbp/jpy’s price has gone up 8 them.
GBP/JPY Down 63 Pips Over Past 4 Hours, Crosses 20 Day Moving Average; in an Uptrend Over Past 30 Days
This imputes a buy/sell ratio of 1.38, which is bullish.
GBP/JPY Down 5 Pips Over Past 4 Hours, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern.
GBP/JPY Up 30 Pips Over Past 4 Hours, Moves Down For the 5th Day In A Row; Sentiment Suggests Sellers in Charge
The closest is the 100 day average, which is 3.4 pips away.
GBP/JPY Down 31 Pips On 4 Hour Chart, Moves Down For the 4th Day In A Row; in an Uptrend Over Past 30 Days
As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns.