GBP/JPY Up 13 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Breaks Below 20 and 50 Day Averages

Hourly Update

(Last Updated July 29, 2022 1:42 GMT)

Currently, GBPJPY’s rate is up 13.5 pips (0.08%) from the hour prior. GBPJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend 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)

After 3 up days, GBPJPY snaps its streak, falling 201 pips (-1.21%) over the past day to close at an exchange rate of 163.63736818. Relative to other instruments in the Forex asset class, GBPJPY ranked 35th yesterday in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY crossed below its 20 and 50 day moving averages yesterday. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 5 them.