GBPJPY corrects to a cluster of support at 140.10-22. Key area for bulls/bears

Technical Analysis

Author: Greg Michalowski | gbpjpy

Support level for the GBPJPY tested.

The GBPJPY is down testing a support area defined by the:
  • Underside of a broken trend line at 140.18
  • The 100 hour MA at 140.20
  • The 200 hour MA at 140.103.  
  • The 61.8% retracement at 140.22
Bundle them together and you have support at 140.10 to 140.22. The low for the day just reached to 140.192.  

Support level for the GBPJPY tested.

The area is a barometer for both the bulls and the bears. Find dip buyers and hold and we could see a rotation back up toward the 50% retracement of the recent move up at 140.478.

Move below and it opens up the door for further downside with the recent lows at 139.36-39 area as the potential target.  

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