GBP/JPY Down 29 Pips in Last Hour, Makes Big Move Relative to Past Two Months; Moves Up For the 3rd Straight Day

Hourly Update

(Last Updated September 8, 2022 1:41 GMT)

At the time of this writing, GBPJPY’s rate is down -28.6 pips (-0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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 130 pips (0.79%) since yesterday (opening today near 166.0472118165), marking the 3rd straight day an upward move has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 10th in terms of percentage change since yesterday. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY is now close to its 20, 50 and 100 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 50 day average, which is 303.5 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone up 6 out of the past 10 days.