GBPJPY Up 9 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Came Into Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated April 28, 2021 2:21 GMT)

Currently, GBPJPY’s rate is up 9.3 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 choppiness in price, as the 20, 50, 100 and 200 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)

GBPJPY is up 90 pips (0.6%) since the previous day (opening today near 151.20594467), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 6th the previous day in terms of percentage price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed above its 20 and 50 day moving averages yesterday. 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 39.8 pips away. 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 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days.