GBP/JPY Down 14 Pips in Last Hour, 7 Day Up Streak Snapped; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 6, 2022 1:44 GMT)

At the time of this writing, GBPJPY’s rate is down -13.6 pips (-0.08%) from the hour prior. GBPJPY has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

GBPJPY, which opened today priced near 163.35790692, is down 6 pips 0.03% since yesterday, marking a reversal from the day prior — and the end of a 7 day positive run. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 23rd 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 144.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Also of note is that on a 30 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 30 days GBPJPY’s price has gone up 18 them.