GBP/JPY Up 5 Pips Over Past Hour, Makes Big Move Relative to Past Two Months; Moves Down For the 4th Consecutive Day

Hourly Update

(Last Updated June 15, 2022 1:43 GMT)

At the time of this writing, GBPJPY’s rate is up 4.6 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPJPY has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 64 pips (0.39%) since yesterday (opening today near 162.3489277585), marking the 4th consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 32nd for the day in terms of price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, GBPJPY crossed below its 20 and 50 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 20 day average, which is 21.5 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 5 them.