GBP/JPY Down 38 Pips On Hourly Chart, Makes Big Move Relative to Past Month; 2 Day Up Streak Broken

Hourly Update

(Last Updated August 5, 2022 1:43 GMT)

Currently, GBPJPY’s rate is down -37.6 pips (-0.23%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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)

The back and forth price flow continues for GBPJPY, which started today off at 161.38063966, down 142 pips 0.87% from the day prior. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 35th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that the current price of GBPJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 149.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 5 them.