GBP/JPY Down 20 Pips in Last Hour, Came Into Today Up For the 3rd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 17, 2022 1:44 GMT)

At the time of this writing, GBPJPY’s rate is down -19.8 pips (-0.12%) from the hour prior. This is the 2nd consecutive hour GBPJPY has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend 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 up 104 pips (0.63%) since the day prior (opening today near 166.08219588), marking the 3rd straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 5th for the day in terms of price change. The price chart of GBPJPY below illustrates.

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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone down 8 them.