38.2% retracement and 200 hour MA tested.
The GBPJPY rallied up to a high of 149.706 in the Asian session.
That rise did take the price above a topside trend line. When the break failed late in the Asian session/early European session, the corrective move lower began.
Later the 200 day MA at 148.26 and a lower trend line and the 100 hour MA were busted during May's presser, and the technical picture became more and more bearish - at least intraday.
What now?
The pair has just tested the 38.2% and the 200 hour MA at 146.985 and 146.876 respectively. There has been a stall near the level. We are seeing a little bounce. Traders may look to lean on the dip against those levels now. However, be aware that the pair is trending lower as a result, respect should be given to that dynamic.
Looking at the 5 minute chart, the pair move below a lower channel trend line and raced lower. the underside of that broken trend line comes in at 147.61 and moving lower. That is also near the 50% of the last trend move lower. A correction toward that area will be eyed for sellers. Stay below, and the trend traders are still in control. Move above and trend waters become a little more muddy.
