GBPJPY Up 16 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated December 31, 2020 2:21 GMT)

At the moment, GBPJPY’s rate is up 15.7 pips (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 75 pips (0.54%) since the day prior (opening today near 140.566), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 8th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.