GBP/JPY Up 20 Pips Over Past Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 7, 2022 1:43 GMT)

Currently, GBPJPY’s rate is up 20.2 pips (0.12%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 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)

The choppiness in the recent daily price action of GBPJPY continues; to start today, it came in at a price of 165.53185785, up 217 pips (1.33%) since the day prior. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 50 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 50 day average, which is 355 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 30 days GBPJPY’s price has gone up 19 them.