GBPJPY Up 3 Pips in Last Hour, 2 Day Down Streak Broken; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 4, 2021 3:20 GMT)

At the time of this writing, GBPJPY’s rate is up 2.5 pips (0.02%) 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 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 entered today at 156.143793, up 95 pips (0.61%) from the previous day. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 5th for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, 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 20 day average, which is 24.6 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 6 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 30, 14 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.