GBP/JPY Down 5 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated November 24, 2022 1:42 GMT)

At the moment, GBPJPY’s rate is down -5 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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)

The back and forth price flow continues for GBPJPY, which started today off at 168.17744189, up 33 pips 0.2% from the day prior. Relative to other instruments in the Forex asset class, GBPJPY ranked 14th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50 and 100 day averages, located at 167.3665, 165.0503 and 164.1399 respectively, and thus may be at a key juncture along those timeframes. Or to simplify this another way, note that out of the past 30 days GBPJPY’s price has gone up 16 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.