GBPJPY moves from top of value area to low of value area today
Finds support the low value area.
Looking at the GBPJPY hourly chart below, the pair has traded mostly between 135.77 below and 136.84 above. Let's call that the value area or area where most of the trading has taken place. AT the high value level, the 136.843 is also the 50% of the move down from the June 11 high. There have been a number of swing levels (see red circles) that stalled at that level.
At the low value level, there also have been swing levels (see green numbered circles) at the area.
Yes, there have been breaks and extremes made (see red shaded areas above and below), but each break has been somewhat limited.
Today, the price has moved from the high value level at 136.84, to the low value level at 135.77-804. Each has defined today's extremes.
We trade nearer the low area currently, but it will still take a break to give the pair another push toward the lows from last week.
Until then, I would not be surprise if buyers leaned against the 135.77 level with stops on a break below.