GBPJPY consolidates in up and down day after sharp fall yesterday
Test of the 100 day MA yesterday stalled the rally
The GBPJPY moved up to test the 100 day MA at 152.789. The high reached 152.84 but could not ignite a rally on the break. Helping the downside yesterday was a move out of risk and into the relative safety of the JPY.
Today, the price is near unchanged on the day after the continuation move lower fell below the 50% of the move up from the August 19 low (see hourly chart below), but could not sustain the downside momentum. The price has returned back to a swing area, and 38.2% retracement level starting at 151.44 to 151.592. Stay below that swing area and the sellers are still in play and in control. Move above, and the buyers take back more control after the sharp move lower.