GBP/JPY Up 121 Pips, in a Downtrend Over Past 14 Days; Bullish Engulfing Pattern in Play
As for the rationale, technical traders seem to be citing the appearance of fibonacci and wedge technical patterns.
GBPJPY
(Last Updated January 25, 2021)
Welcome to the news page for GBPJPY (GBPJPY). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for GBPJPY
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| Japan BoJ Monetary Policy Meeting Minutes | NA | Japanese Yen | JPY | 2021-01-25 | 23:50 GMT | ||
| United Kingdom Employment Change | Oct 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | -100K | |
| United Kingdom Average Earnings excl. Bonus | Nov 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | 3.2% | |
| United Kingdom Average Earnings incl. Bonus | Nov 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | 2.9% | |
| United Kingdom Claimant Count Change | Dec 2020 | British Pound | GBP | 2021-01-26 | 07:00 GMT | 35K |
The Trend
If we observe the 90, 30 and 14 day timeframes, we see an uptrend in place for GBPJPY.
GBPJPY Moving Averages
GBPJPY’s moving averages suggest the trend on a number of time horizons is bullish.
The chart below illustrates.
In terms of correlations over the past week for GBPJPY, it has demonstrated the strongest correlation with EURUSD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to GBPJPY is GBPUSD. On the flip side, AUDCHF has been the asset least correlated with GBPJPY — but if we observe the prior two weeks, NZDCHF 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 11.99 pips (0.08%) from the week prior. GBPJPY has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 10 week timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 and 10 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows GBPJPY’s price action over the past year.
GBPJPY: The Monthly View
Monthly outlook: choppy. Clear trends not visible on the 24, 60 and 120 month timeframes.
GBP/JPY Down 89 Pips, Breaks Below 200 Day Average; in a Downtrend Over Past 14 Days
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 11.03% from the day prior, and up 143.76% from the same day the week before.
GBP/JPY Down 39 Pips, in a Downtrend Over Past 14 Days; Nears 200 Day Moving Average
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 29.89% from the day prior, but up 121.43% from the same day the week before.
GBP/JPY Moves Down For the 2nd Day In A Row, Crosses 100 Day Moving Average; Price Base in Formation Over Past 90 Days
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.
GBP/JPY Down 119 Pips, Crosses 100 Day Moving Average; Price Base in Formation Over Past 90 Days
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 30.88% from the day prior, and up 167.92% from the same day the week before.
GBP/JPY Down 88 Pips; Crosses 20 and 50 Day Moving Averages
This imputes a buy/sell ratio of 0.3, which is bearish.
GBP/JPY Up 20 Pips; Eyes 20 and 50 Day Averages
This imputes a buy/sell ratio of 1.1, which is neutral.
GBP/JPY Down 140 Pips, in an Uptrend Over Past 14 Days; Evening Star Pattern Appearing on Chart
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.
GBP/JPY 3 Day Up Streak Broken, Crosses 50 Day Moving Average; Doji and Pin Bar Patterns Appearing on Chart
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.
GBP/JPY 2 Day Up Streak Snapped; Nears 20 and 50 Day Moving Averages
Volatility for gbp/jpy has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.