GBPJPY Up 2 Pips Over Past Hour, Entered Today Up For the 2nd Day In A Row; Nears 20 Day Moving Average

Hourly Update (Last Updated January 7, 2021 16:22 GMT) At the time of this writing, GBPJPY’s rate is up 1.6 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be…