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