GBPJPY Up 2 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated September 15, 2021 1:20 GMT)

At the time of this writing, GBPJPY’s rate is up 1.8 pips (0.01%) from the hour prior. The hourly chart shows that GBPJPY has seen 3 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend 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 14 pips (0.09%) since yesterday (opening today near 152.2082415), marking the 4th consecutive day it has gone up. Relative to other instruments in the Forex asset class, GBPJPY ranked 14th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 53.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 11 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!