GBPJPY Up 24 Pips Over Past Hour, Came Into Today Down For the 2nd Straight Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 2, 2021 2:21 GMT)

At the moment, GBPJPY’s rate is up 23.9 pips (0.15%) from the hour prior. GBPJPY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend 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. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above 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)

GBPJPY is down 74 pips (0.48%) since the day prior (opening today near 154.99268296), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 34th for the day in terms of price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, the current price of GBPJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 19 out of the past 30 days.