There is a strong ceiling above too.
The GBPJPY has seen the price action move up and down over the last 4 days of trading.
Looking at the hourly chart, the highs (actually going back to January 13) has formed a strong ceiling between 142.188 and 142.32. The last two highs - today and last Wednesday - stalled at 142.32. That ceiling will have to be broken if the pair is to go higher.
On the downside, the 100 and 200 hour MAs (blue and green lines) have held support on 4 separate tests over the last 4 trading days. Strong support there where buyers are leaning. The 100 hour MA is at 141.833. The 200 hour MA is at 141.636.
The buyers have stuck their flag in the ground at the MAs below. It will take a move below for the sellers to take more control.
The sellers have stuck their flag in the ground at the 142.188 to 142.32 area. It will take a move above for the buyers to take more control.
In between the buyers and sellers are battling with risk defining levels giving both low risk trading opportunities while "the market" figures out what to do.
