GBPJPY Up 6 Pips Over Past Hour; Breaks Above 200 Day Average

Hourly Update

(Last Updated October 8, 2021 10:20 GMT)

Currently, GBPJPY’s rate is up 6.5 pips (0.04%) from the hour prior. This is the 2nd hour in a row GBPJPY has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 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)

The choppiness in the recent daily price action of GBPJPY continues; to start today, it came in at a price of 152.01455094, up 65 pips (0.43%) since yesterday. Relative to other instruments in the Forex asset class, GBPJPY ranked 8th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed above its 200 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 100 day average, which is 2 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 90 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 9 them.