GBPJPY Down 20 Pips in Last Hour, Moves Up For the 4th Straight Day; Breaks Above 50 and 200 Day Averages

Hourly Update

(Last Updated October 6, 2021 10:20 GMT)

At the time of this writing, GBPJPY’s rate is down -20.1 pips (-0.13%) from the hour prior. GBPJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 96 pips (0.64%) since the previous day (opening today near 151.93473042), marking the 4th straight day an increase has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 2nd the previous day in terms of percentage price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed above its 50 and 200 day moving averages 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 200 day average, which is 12.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPJPY’s price has gone up 8 them.