GBPJPY Down 18 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Eyes 20 Day Average

Hourly Update

(Last Updated June 7, 2021 3:21 GMT)

At the time of this writing, GBPJPY’s rate is down -18.3 pips (-0.12%) from the hour prior. The hourly chart shows that GBPJPY has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of GBPJPY continues; to start today, it came in at a price of 155.2371303, up 17 pips (0.11%) since yesterday. Relative to other instruments in the Forex asset class, GBPJPY ranked 13th yesterday in terms of percentage price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20 and 50 day averages, located at 154.7815 and 152.6367 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 6 them.