134.607 to 134.97 are home to swing highs
The GBPJPY is up retesting the high from yesterday at 134.963. The high price just reached 134.93 and has backed off. The price is currently trading between the swing highs from March 27 and March 31 at the 134.607 to 134.71. A move below that area (and stay below) may trigger more probing to the downside as the move higher runs out of steam.
Taking a broader look at the daily chart below, the price rise has taken the price above the 50% retracement of the move down from the February high. That level comes in at 134.472. The moves above that midpoint level over the last few weeks have not been able to close above the line. Currently we are trading above that level at 134.71. On a rotation lower watch that level for bias clues. A move back below would not be good from a technical perspective.
