GBP/JPY Up 1 Pips On Hourly Chart, 6 Day Up Streak Snapped; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 23, 2022 2:25 GMT)

Currently, GBPJPY’s rate is up 1.5 pips (0.01%) 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 100 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)

A moment of silence, please, for the end of GBPJPY’s 6 day up streak; price ended yesterday down 17 pips (-0.1%) to finish the day at a rate of 167.8468174. Relative to other instruments in the Forex asset class, GBPJPY ranked 24th yesterday in terms of percentage price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Notably, 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. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.