GBPJPY Up 3 Pips On Hourly Chart, Entered Today Down For the 2nd Consecutive Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 16, 2021 8:20 GMT)

At the time of this writing, GBPJPY’s rate is up 2.9 pips (0.02%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see downtrend on the 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)

GBPJPY is down 14 pips (0.09%) since the day prior (opening today near 151.36746016), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 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 200 day average, which is 17.4 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 18 out of the past 30 days.