GBP/JPY Up 9 Pips On Hourly Chart; Entered Today Down For the 2nd Straight Day

Hourly Update

(Last Updated May 4, 2022 1:42 GMT)

Currently, GBPJPY’s rate is up 8.6 pips (0.05%) from the hour prior. This is the 2nd hour in a row GBPJPY has seen its price head up. 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 down 3 pips (0.02%) since the previous day (opening today near 162.6019781241), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPJPY ended up ranking 21st for the day in terms of price change. Here is a price chart of GBPJPY.

GBPJPY

GBPJPY Technical Analysis

Notably, the current price of GBPJPY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone down 6 them.