(Last Updated April 27, 2021 2:20 GMT)
At the time of this writing, GBPJPY’s rate is down -5.8 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning below it. 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 entered today at 150.30993648, up 64 pips (0.43%) from yesterday. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 10th for the day in terms of price change. Below is a price chart of GBPJPY.
GBPJPY Technical Analysis
Coming into today 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. 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 20 day average, which is 30.8 pips away. 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 up. For additional context, note that price has gone up 7 out of the past 14 days.