GBPJPY Up 7 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Crosses 20, 50, 100 and 200 Day Moving Averages

Hourly Update

(Last Updated November 11, 2020 0:19 GMT)

Currently, GBPJPY’s rate is up 7.1 pips (0.05%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBPJPY, which started today off at 138.685, up 286 pips 2.1% from the day prior. Relative to other instruments in the Forex asset class, GBPJPY ranked 6th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed above its 20, 50, 100 and 200 day moving averages 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 100 day average, which is 203.8 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 days.