GBPJPY tests the 38.2% and trend line support

Technical Analysis

Author: Greg Michalowski | gbpjpy

Moving averages below trend line

The GBPJPY is not immune from the GBP selling today (of course). The pair has moved into the negative now. The pair closed at 130.715. The low just reached 130.842.

Moving averages below trend line
The run lower moved down to test the 38.2% of the move up from the March 19 low at 129.781 and we are seeing a bounce. There is a trend line just below that level at 129.69 currently.  Below that the 200 and 100 hour MA comes in at 129.426 and 129.30 respectively. 

The bounce has take the price back to 130.54 and looks toward the close from yesterday area at 130.715.   A move above would be a step in the positive direction now.  We will see.

What we know, however, is that the support targets at the trend line and the 38.2% are stronger because the area held.  Keep the level in mind in your trading of that pair. 

Over in the GBPUSD, the price has also seen a move back above the 100 hour MA at 1.16749. The pair currently trades at 1.1700.  

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