Forex technical analysis: GBPJPY buyers build off the lows
Watching close support as price rebounds
Looking at the spread out 4-hour chart, the GBPJPY fell below a swing area between 147.60-77 and the 38.2% of the move up from the August low at 147.66. That was bearish. However, the price stalled ahead of the 200 bar MA on the 4-hour chart at 147.12 currently. The current bar has pushed back above the 147.60-77 area and stayed above that area.
Are buyers trying to stall the fall and rebound? It seems that way.
You can see the buyers against the levels on the 5-minute chart below. The price moved back above the 147.60 level, and stayed above. Resistance became support.
The break of the 147.77 has led to a step even higher. Like the 147.60, the 147.77 was resistance and now is acting as support.
So buyers are trying. Stay above the 147.77 and the 100 hour MA at 148.11 will be targeted. The 100 bar MA on the 5-minute chart is also at the area. Another key target on the corrective move.