GBP/JPY Up 10 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 12, 2022 1:42 GMT)

Currently, GBPJPY’s rate is up 10.1 pips (0.06%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPJPY has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 and 10 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 entered today at 157.19457525, up 65 pips (0.41%) from yesterday. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 5th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20 day averages, located at 154.9388 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 20 day average, which is 225.6 pips away. Volatility for GBPJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 90 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 14 days GBPJPY’s price has gone up 10 them.