(Last Updated January 7, 2021 2:20 GMT)
At the time of this writing, GBPJPY’s rate is up 2.1 pips (0.01%) from the hour prior. GBPJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 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 28 pips (0.2%) since yesterday (opening today near 140.192), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, GBPJPY ended up ranking 19th for the day in terms of price change. The price chart of GBPJPY below illustrates.
GBPJPY Technical Analysis
Coming into today GBPJPY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 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 18 them.