GBP/JPY Down 14 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 30, 2021 21:37 GMT)

At the moment, GBPJPY’s rate is down -14.1 pips (-0.09%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 68 pips (0.45%) since yesterday (opening today near 150.31884296), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 31st in terms of percentage change since yesterday. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 86.4 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. 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. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 16 them.