GBP/JPY Down 18 Pips in Last Hour, Makes Big Move Relative to Past Month; Came Into Today Down For the 3rd Day In A Row

Hourly Update

(Last Updated August 2, 2022 1:40 GMT)

Currently, GBPJPY’s rate is down -18.4 pips (-0.11%) from the hour prior. GBPJPY has seen its price go down 8 out of the past 10 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 50 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 10 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 81 pips (0.5%) since the previous day (opening today near 161.18884591), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. 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, 50, 100 and 200 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 100 day average, which is 149.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days.