GBP/JPY Down 28 Pips Over Past Hour, Makes Big Move Relative to Past Three Months; 4 Day Down Streak Snapped

Hourly Update

(Last Updated November 7, 2022 1:40 GMT)

At the time of this writing, GBPJPY’s rate is down -28.3 pips (-0.17%) from the hour prior. The hourly chart shows that GBPJPY has seen 3 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 20 and 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)

A moment of silence, please, for the end of GBPJPY’s 4 day down streak; price ended the day prior up 118 pips (0.72%) to finish the day at a rate of 166.7910721131. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 12th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 15 out of the past 30 days.