GBP/JPY Up 23 Pips Over Past Hour, Makes Big Move Relative to Past Two Months; Came Into Today Up For the 2nd Day In A Row

Hourly Update

(Last Updated June 17, 2022 1:41 GMT)

At the moment, GBPJPY’s rate is up 22.5 pips (0.14%) from the hour prior. GBPJPY has seen its price go up 8 out of the past 10 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. Price action traders may also wish to note that we see a doji candlestick pattern on GBPJPY. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is up 46 pips (0.28%) since the previous day (opening today near 163.71765462), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 20th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.