GBP/JPY Down 7 Pips in Last Hour, Makes Big Move Relative to Past Month; Entered Today Up For the 2nd Straight Day

Hourly Update

(Last Updated August 4, 2022 1:43 GMT)

At the moment, GBPJPY’s rate is down -6.5 pips (-0.04%) from the hour prior. GBPJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 79 pips (0.49%) since the day prior (opening today near 162.79803475), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 13th in terms of percentage change since the day prior. Here is a price chart of GBPJPY.

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 100 day average, which is 2.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days.