GBPJPY Up 17 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; is Inching Close to 100 and 200 Day Averages

Hourly Update

(Last Updated November 11, 2021 3:20 GMT)

Currently, GBPJPY’s rate is up 16.5 pips (0.11%) 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 20 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 down 42 pips (0.27%) since the day prior (opening today near 152.715738), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 26th for the day in terms of price change. The price chart of GBPJPY below illustrates.

GBPJPY

GBPJPY Technical Analysis

Coming into today GBPJPY is now close to its 20, 50, 100 and 200 day averages, located at 155.5552, 153.5145, 152.5918 and 152.6919 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 200 day average, which is 2.4 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 down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.