Tests 100 hour MA /Trend line
The GBPJPY is down at the day lows and in the process is testing the 100 hour MA at 144.109, and the trend line connecting recent lows. The low has reached 144.14.
On a break the next key level is the 200 day MA at 143.604. Last Thursday, the price rose above the 200 day MA for the first time since December 2015 (1 year ago). That is a key break. Admittedly, the price has traded above and below the key MA over the last 3 trading days. Today, however, the price has NOT traded below the MA line.
The 50% of the move down from the end of May high comes in at 144.23. The low reached 144.14. We are back above that 50% level. Are buyers leaning against the 100 hour MA and the old 50%? Risk level for longs looking for more upside in the pair now...
