Watch the 136.34 level. Stay above and buyers are winning with 50% at 136.843 the next hurdle
For the GBPJPY the last two days has seen sellers at the 50% of the move down from June 11 high. That level comes in at 136.843 (high today reached 136.83).
On the downside, the 135.79 area held support yesterday (see red circles in the chart above). Back on June 17 that area acted as a ceiling for a while, and on June 19, it was retested and held (see yellow area).
The 136.854 and 1.35.79 area define the upper and lower boundaries for now at least.
Today, there was two runs higher.
The first stalled at 136.34 and backed off.
The second raced through the 136.34 and extneded to the 50% and stalled.
The correction off the 50% level lower stalled at the the original 136.34 level.
Bullish? A little more bullish. The 136.34 is a risk level for longs now.in
In between the extremes sits the 100 and 200 hour MAs are (blue and green lines), which are converged at 136.45. The price has been trading above and below those MAs over the last few hours (the "market" is waiting for the next shove).
Overall, the tilt is to the upside above 136.34, with a move above the 50% needed to give more confidence (not a guarantee).