GBP/JPY Up 5 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
GBPJPY
(Last Updated November 27, 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. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
GBPJPY Moving Averages
Nuances in the trend on GBPJPY can be understood by observing the behavior of its moving averages. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, implying a upward trend, aside from a drop about 6 months prior.
The chart below illustrates.
In terms of correlations over the past week for GBPJPY, it has been most correlated with GBPUSD. Over the past 14 days, however, the asset showing the strongest correlation to GBPJPY is AUDJPY. On the flip side, GBPAUD has been the asset least correlated with GBPJPY — but over the past two weeks, USDCHF has been the asset least correlated with GBPJPY. See the chart below to observe the recent price action in GBPJPY versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the moment, GBPJPY’s rate is up 1.276 (0.93%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. The weekly chart below shows GBPJPY’s price action over the past year.
GBPJPY: The Monthly View
Monthly view favors rangebound strategies. No clear trend on the 24, 60 and 120 month timeframes.
GBP/JPY Down 14 Pips in Last Hour, 2 Day Up Streak Ended; Price Base in Formation Over Past 90 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
GBPJPY Up 9 Pips On Hourly Chart, 2 Day Up Streak Snapped; Price Base in Formation Over Past 90 Days
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.
GBPJPY Down 14 Pips in Last Hour, Entered Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 30 and 90 Days
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.
GBPJPY Up 7 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Crosses 20, 50, 100 and 200 Day Moving Averages
The closest is the 100 day average, which is 203.8 pips away.
GBPJPY Down 13 Pips in Last Hour, Breaks Below 200 Day Average; Price Base in Formation Over Past 90 Days
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.
GBPJPY Down 6 Pips Over Past Hour, Crosses 200 Day Moving Average; Price Base in Formation Over Past 30 and 90 Days
Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBPJPY Down 15 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Crosses 200 Day Moving Average
Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBPJPY Down 95 Pips in Last Hour, Crosses 200 Day Moving Average; Price Base in Formation Over Past 90 Days
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.
GBPJPY Up 8 Pips in Last Hour, Price Base in Formation Over Past 90 Days; Doji Pattern Appearing on Chart
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.