GBPJPY Up 20 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated May 3, 2021 2:20 GMT)

At the time of this writing, GBPJPY’s rate is up 19.5 pips (0.13%) 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 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for GBPJPY, which started today off at 151.06639184, up 8 pips 0.05% from the day prior. Relative to other instruments in the Forex asset class, GBPJPY ranked 21st the day prior in terms of percentage price change. Below is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

The first thing we should note is that GBPJPY is now close to its 20, 50 and 100 day averages, located at 150.4894, 150.978 and 147.6256 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 8.8 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days.