GBPJPY Down 2 Pips On Hourly Chart, Entered Today Up For the 3rd Day In A Row; Eyes 20 Day Average

Hourly Update

(Last Updated July 23, 2021 23:20 GMT)

At the time of this writing, GBPJPY’s rate is down -2 pips (-0.01%) from the hour prior. This is the 2nd hour in a row GBPJPY has seen its price head down. 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 43 pips (0.28%) since yesterday (opening today near 151.6710101), marking the 3rd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 9th for the day in terms of price change. Let’s take a look at price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, the current price of GBPJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 66.2 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 down over that time. For additional context, note that price has gone down 6 out of the past 10 days.