Technical Analysis

GBPJPY tests 100 bar MA on intraday chart

Sellers leaning on the first look

The GBPJPY has clawed higher off the lows and tests the 100 bar MA on the 5-minute chart (blue line).   So far, sellers have leaned against the level.   Stay below keeps the sellers more in control  Move above and it may solicit a little more buying/profit taking.  

Having said that, the correction off the low is still only in between the 38.2-50% of the last leg lower today (up to 142.554).  That is the last leg lower, not the full run lower today. So if broken, buyers will need to keep the price above that MA level and reach toward the other targets including the 200 bar MA at 142.843 (and moving lower).  

For now, the 100 bar MA is finding sellers leaning…

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