GBP/JPY sticking to tight trading ranges

The GBP/JPY hourly chart is not very telling: the pair lacks price direction and also volatility.

Notice the 50-SMA has slipped between the 200- and the 800-period SMAs, denoting an absence of a strong trend. The ADX tracking below 30 at the moment signals the same sideways condition.

The prospect for the building of triangles, rectangles, and pennants looks to be quite realistic. Traders may also opt to capitalize on divergences between price and oscillators.