GBP/JPY Up 6 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 6th Consecutive Day

Hourly Update

(Last Updated November 22, 2022 1:42 GMT)

At the moment, GBPJPY’s rate is up 6 pips (0.04%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 up 121 pips (0.73%) since the previous day (opening today near 168.0125739903), marking the 6th consecutive day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 5th for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

First things first: GBPJPY crossed above its 20 day moving average yesterday. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 days.