The closest is the 20 day average, which is 1141.6 pips away.
Or to simplify this another way, note that out of the past 14 days gbp/jpy’s price has gone down 11 them.
This imputes a buy/sell ratio of 1.17, which is neutral.
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The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
The closest is the 200 day average, which is 369.7 pips away.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 24.13% from the day prior, but up 194.31% from the same day the week before.
It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign.
As for the rationale, technical traders seem to be citing the appearance of fibonacci and wedge technical patterns.