GBPJPY Down 2 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; 3 Day Up Streak Snapped

Hourly Update

(Last Updated July 15, 2021 1:20 GMT)

At the moment, GBPJPY’s rate is down -2.2 pips (-0.01%) 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 50 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, which opened today priced near 152.72116457, is down 49 pips 0.32% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Compared to its peers in the Forex, GBPJPY gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY crossed below its 100 day moving average yesterday. 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 4.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days.