Between ceiling and 200 bar MA...
In an earlier post on the GBPJPY, the pair had moved below the 100 bar MA but tested the 38.2% of the day's trading range and was back above that MA line. I spoke above the ceiling and how the 200 bar MA below was supportive over the last few days on tests.
The price retested that ceiling and found sellers AGAIN (see red circles)
We have just retested the 200 bar MA on the 5- minute chart and found buyers AGAIN (green line and green circles).
So the spring gets tighter in the pair for a break and run. Be on the lookout. Between the two extremes sits the 100 bar MA. It will be an intermediate barometer for bullish/bearish as traders....trade the range for now...
