The GBPJPY last week moved above a key ceiling area between 142.188 and 142.317. THe pair moved above on Tuesday for the first time. On Wednesday, the pair came down and based against the swing area before moving higher again. On Thursday the price once again came down and tested the swing area near 142.188. Once again support buyers leaned against the level. This time the price shot higher.
The momentum higher continued on Friday. In trading today the price moved to yet a another new high, but did find resistance against a channel trendline. That trendline was broken on Friday, but failed. Today's look at the old trend line, stalled the rise.
The price is back down re-testing the lows for the day near 143.356. A move below that level and then the lower channel trendline at 143.24 (and rising) will have traders looking toward the 100 hour moving average at 143.017 (and moving higher. Those are the steps in the bearish direction. Break all three and sellers take increasingly more control.
Conversely if the trend line holds support (or the 100 hour MA for that matters), the buyers would still be in play and with more control. We should see a rotation back to the upside.