GBP/JPY Down 24 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated November 2, 2022 1:41 GMT)

Currently, GBPJPY’s rate is down -24 pips (-0.14%) from the hour prior. GBPJPY has seen its price go down 4 out of the past 5 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. 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 73 pips (0.43%) since the previous day (opening today near 169.85330112), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 34th for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that the current price of GBPJPY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for GBPJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 14 them.