GBP/JPY Up 17 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 2nd Consecutive Day

Hourly Update

(Last Updated December 16, 2021 1:42 GMT)

At the time of this writing, GBPJPY’s rate is up 16.7 pips (0.11%) 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 100 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 99 pips (0.66%) since the day prior (opening today near 151.438023), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 10th in terms of percentage change since the day prior. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed above its 20 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 48.4 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days.