GBPJPY cracks below a key intaday support level

Technical Analysis

Author: Greg Michalowski | gbpjpy

100 hour MA and trend line broken at 137.82.

The GBPJPY was not immune from the tumble in the pound following the Parliamentary vote.  

100 hour MA and trend line broken at 137.82.
For the pair, stops were triggered below its 100 hour MA and trend line at the 137.822 level (see red circles and blue line).  

The fall has taken the price toward the next key support target defined by the 200 hour MA and the 50% retracement at 137.43-46 area.  

For shorts, looking for more downside, the 100 hour MA and broken trend line is risk.   However, I would also expect buyers on a move toward the 200 hour/50% combo, to lean against that level on the test (profit taking/new dip trying buyers), with stops on a break.



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