GBPJPY Down 4 Pips On Hourly Chart, Came Into Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 12, 2021 0:20 GMT)

At the moment, GBPJPY’s rate is down -3.8 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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)

GBPJPY is up 9 pips (0.06%) since yesterday (opening today near 152.83924176), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 14th in terms of percentage change since yesterday. 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, 100 and 200 day averages, located at 151.0157, 151.1998, 151.9888 and 151.9269 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 100 day average, which is 85 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 9 them.