(Last Updated July 23, 2021 2:21 GMT)
At the moment, GBPJPY’s rate is up 2.5 pips (0.02%) 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. 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 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 43 pips (0.28%) since the previous day (opening today near 151.6710101), marking the 3rd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 9th for the day in terms of price change. Below is a price chart of GBPJPY.
GBPJPY Technical Analysis
Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 66.2 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 7 them.