GBPJPY Down 17 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated May 31, 2021 2:21 GMT)

At the time of this writing, GBPJPY’s rate is down -16.8 pips (-0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBPJPY, which started today off at 155.8401075, up 4 pips 0.03% from yesterday. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 20th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY is now close to its 20 and 50 day averages, located at 154.1589 and 152.2407 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 21 them. Also, candlestick traders! Note we see doji pattern appearing here as well.