GBP/JPY Down 0 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 7, 2022 1:41 GMT)

At the time of this writing, GBPJPY’s rate is down -0.2 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly 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.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBPJPY continues; to start today, it came in at a price of 156.7946913, down 61 pips (0.39%) since yesterday. Relative to other instruments in the Forex asset class, GBPJPY ranked 28th yesterday in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today the current price of GBPJPY is sitting close to its 20 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 20 day average, which is 307 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.