50% of the June range also in the area.
The GBPJPY is also moving higher - following the sharp rise in the USDJPY - and in the process moved above its 100 day MA at 141.257 and the 50% of the move down from the June high (at 141.30). The break next targeted a topside trend line at 141.47. The high reached 141.45 and has moved back lower. The price is back below the 100 day MA and 50%.
Is the run higher over?
It seems to be taking a breather (PS the USDJPY moved to within a few pips of its high from last Friday and is also moving/correcting back lower).
Going forward, if the price can stay below the 100 day MA and 50% levels now (at 141.25-30 area), there should be some back filling of the move higher today. The 140.95 is the 38.2% of the last leg higher in the pair. The 200 hour MA is at 140.83. They would be downside targets where there should be buyers on a correction.
If the price moved back above the aforementioned levels, be careful. The pair is on a trend move higher today, and that can be dangerous if you fight it on breaks (or re-breaks) higher.
