GBP/JPY 2 Day Up Streak Snapped; Nears 20 and 50 Day Moving Averages

GBP/JPY Price Recap

The choppiness in the recent daily price action of GBP/JPY continues; to start today, it comes in at a price of 142.883 US dollars, down 29 pips (0.2%) since yesterday. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 40.69% from the day before — and down 47.3% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/JPY ended up ranking 32nd for the day in terms of day-over-day price change. The price chart of GBP/JPY below illustrates.

GBP/JPY Technical Analysis

Coming into today the current price of GBP/JPY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. The closest is the 50 day average, which is 0.5 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Volatility for GBP/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Or to simplify this another way, note that out of the past 14 days GBP/JPY’s price has gone up 8 them.