GBP/JPY Up 1 Pips On Hourly Chart, Entered Today Up For the 3rd Day In A Row; is Inching Close to 50, 100 and 200 Day Averages

Hourly Update

(Last Updated November 16, 2021 1:48 GMT)

At the time of this writing, GBPJPY’s rate is up 1.5 pips (0.01%) from the hour prior. The hourly chart shows that GBPJPY has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji 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 14 pips (0.09%) since yesterday (opening today near 153.08676459), marking the 3rd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 17th for the day in terms of price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day averages, located at 154.6513, 153.6353, 152.6812 and 152.7542 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 33.3 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 18 out of the past 30 days.