(Last Updated May 6, 2021 3:21 GMT)
At the moment, GBPJPY’s rate is up 11 pips (0.07%) from the hour prior. GBPJPY has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 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)
GBPJPY is up 7 pips (0.04%) since the previous day (opening today near 151.90318584), marking the 4th straight day it has gone up. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 18th in terms of percentage change since the previous day. Here is a price chart of GBPJPY.
GBPJPY Technical Analysis
The first thing we should note is that GBPJPY is now close to its 20 and 50 day averages, located at 150.7053 and 151.0718 respectively, and thus may be at a key juncture along those timeframes. 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 83.1 pips away. 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. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 9 them.