200 hour MA and swing lows come in at 150.11-185
The GBPJPY is coming under pressure and in the process is looking to test a key target support level at the 150.116-185 area. The 150.116-14 area is home to swing lows on September 15, September 18 and September 19th. The 200 hour MA is at 150.185.
The combination of all the "stuff" should give some cause for pause for the sellers (profit takers), but I would also expect stops on a break.
Key level support target. Close risk comes in against the low from Friday at 150.63. A move above that level and the correction could see see a rotation back toward the 151.00 level. The 38.2-50% of the last trend move lower today comes in near that area (see yellow area in the chart below).
