GBP/JPY Down 16 Pips in Last Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 22, 2021 1:52 GMT)

Currently, GBPJPY’s rate is down -15.5 pips (-0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see downtrend 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 is down 37 pips (0.25%) since the previous day (opening today near 149.06861221), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 23rd for the day in terms of price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, 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 200 day average, which is 233 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone down 7 them.