GBP/JPY Up 1 Pips On Hourly Chart, Came Into Today Up For the 2nd Day In A Row; Breaks Above 20 Day Average

Hourly Update

(Last Updated September 24, 2021 1:49 GMT)

Currently, GBPJPY’s rate is up 1.2 pips (0.01%) from the hour prior. The hourly chart shows that GBPJPY has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 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 186 pips (1.25%) since the previous day (opening today near 151.39427351), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 6th the previous day in terms of percentage price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPJPY crossed above its 20 day moving average yesterday. 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 2.8 pips away. It should be noted, though, the 20 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone down 5 them.