(Last Updated October 8, 2020 2:19 GMT)
At the time of this writing, GBPJPY’s rate is up 12.6 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPJPY End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPJPY entered today at 136.799, up 91 pips (0.67%) from the previous day. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 6th in terms of percentage change since the previous day. The price chart of GBPJPY below illustrates.
GBPJPY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed above its 100 and 200 day moving averages yesterday. 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 200 day average, which is 18.6 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 9 them.