GBPJPY Down 1 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 2nd Straight Day

Hourly Update

(Last Updated May 4, 2021 2:21 GMT)

Currently, GBPJPY’s rate is down -1.1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

GBPJPY is up 62 pips (0.41%) since the day prior (opening today near 151.6899657), marking the 2nd straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 11th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that the current price of GBPJPY is sitting close to its 20 and 50 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 67.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days.