GBP/JPY Up 33 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 4th Straight Day

Hourly Update

(Last Updated May 13, 2022 1:42 GMT)

At the time of this writing, GBPJPY’s rate is up 33.2 pips (0.21%) from the hour prior. This is the 2nd straight hour GBPJPY has seen its price head up. Regarding the trend, note that the strongest trend 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. 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 down 204 pips (1.29%) since the day prior (opening today near 156.8252448), marking the 4th straight day a decline has happened. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY crossed below its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 9 out of the past 14 days.