GBP/JPY Up 11 Pips On Hourly Chart, Came Into Today Up For the 4th Straight Day; Breaks Above 50 Day Average

Hourly Update

(Last Updated November 17, 2021 1:49 GMT)

At the time of this writing, GBPJPY’s rate is up 10.7 pips (0.07%) from the hour prior. The hourly chart shows that GBPJPY has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

GBPJPY is up 117 pips (0.76%) since yesterday (opening today near 154.25580486), marking the 4th straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 7th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY crossed above its 50 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 29.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 6 out of the past 10 days.