GBP/JPY Up 39 Pips On Hourly Chart, Makes Big Move Relative to Past Two Months; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated September 12, 2022 1:42 GMT)

Currently, GBPJPY’s rate is up 38.9 pips (0.24%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 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 down 47 pips (0.28%) since the previous day (opening today near 165.20529728), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 22nd for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20, 50 and 100 day averages, located at 162.538, 163.0544 and 162.8752 respectively, and thus may be at a key juncture along those timeframes. 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 215.1 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!