GBP/JPY Down 4 Pips On Hourly Chart, 2 Day Down Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 13, 2022 1:43 GMT)

Currently, GBPJPY’s rate is down -3.6 pips (-0.02%) from the hour prior. This is the 3rd straight hour GBPJPY has seen its price head down. Regarding the trend, note that the strongest trend exists 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)

The choppiness in the recent daily price action of GBPJPY continues; to start today, it came in at a price of 166.63825545, up 143 pips (0.87%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, the current price of GBPJPY is sitting close to its 20, 50 and 100 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 50 day average, which is 353.6 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 15 them.