(Last Updated September 1, 2021 4:20 GMT)
At the time of this writing, GBPJPY’s rate is down -1.2 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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 1 pips (0.01%) since yesterday (opening today near 151.28987535), marking the 4th consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, GBPJPY ranked 22nd yesterday in terms of percentage price change. Let’s take a look at price chart of GBPJPY.
GBPJPY Technical Analysis
First things first: GBPJPY crossed above its 20 day moving average 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 3.9 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 down. Or to simplify this another way, note that out of the past 10 days GBPJPY’s price has gone up 8 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.