GBP/JPY Down 40 Pips On Hourly Chart, Moves Up For the 5th Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 22, 2022 1:44 GMT)

At the moment, GBPJPY’s rate is down -39.5 pips (-0.24%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPJPY has now gone up 24 of the past 30 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

GBPJPY is up 171 pips (1.03%) since the previous day (opening today near 167.20042194), marking the 5th consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 4th for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. 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. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 6 them.