GBP/JPY Down 22 Pips Over Past Hour, Crosses 50 and 100 Day Moving Averages; Price Base in Formation Over Past 14 and 90 Days

Hourly Update

(Last Updated September 22, 2022 1:41 GMT)

At the moment, GBPJPY’s rate is down -22.2 pips (-0.14%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 91 pips (0.56%) since yesterday (opening today near 162.46934856), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 25th in terms of percentage change since yesterday. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed below its 50 and 100 day moving averages yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone down 9 them.