Have traded below the MA levels but no closes below today

The GBPJPY has moved lower in trading today. The fall is now tumbling lower, but the price was up 50 points in the Asian session and is down about 55 pips now. So there is a reversal of fortune. The low reached 151.22. We currently trade at 151.46.

The fall to the downside did also crack back below the 100 and 200 hour MAs (blue and green lines in the chart above). Both are at 151.39 now.

Although there are 4 bars that traded below those two moving averages today, there has not been a close so far.

The current bar is trying to stay above the MA lines (the low is 151.41).

Stay above the MA lines and the move lower since Friday's peak is just a correction to the MA lines. The buyers are trying to make that play now.

Move below, and the call for more downside should gather more sellers, and the buyers - that are trying to hold the lines right now - will likely give up on the bounce idea.