GBP/JPY Down 28 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated December 20, 2021 1:41 GMT)

Currently, GBPJPY’s rate is down -28.1 pips (-0.19%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 21 pips (0.14%) since the day prior (opening today near 150.2753712), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 26th the day prior in terms of percentage price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today 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 20 day average, which is 22.6 pips away. 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. 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. Also of note is that on a 90 day basis 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 10 days GBPJPY’s price has gone down 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.