GBP/JPY Down 14 Pips On Hourly Chart, 2 Day Down Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated December 28, 2021 1:44 GMT)

At the time of this writing, GBPJPY’s rate is down -14.4 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 entered today at 154.3856232, up 115 pips (0.75%) from the day prior. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 4th for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY is now close to its 20, 50, 100 and 200 day averages, located at 151.1832, 152.3257, 152.6935 and 152.8646 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 16 out of the past 30 days.