GBP/JPY Down 12 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; is Inching Close to 50 Day Average

Hourly Update

(Last Updated May 11, 2022 1:46 GMT)

Currently, GBPJPY’s rate is down -11.6 pips (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

GBPJPY is down 50 pips (0.31%) since the day prior (opening today near 160.44817775), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 29th in terms of percentage change since the day prior. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50 and 100 day averages, located at 163.4925, 160.1578 and 157.9549 respectively, and thus may be at a key juncture along those timeframes. 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 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 5 them.