The GBPJPY ran higher today helped by the stronger GBP. The JPY has been strong too, but not the extent of the GBPs strength.
The run higher in the GBPJPY has seen the price move to and through a topside swing area at 143.274 to 143.368. The high price moved to 143.467, but has rotated back into the swing area. Is the pair running out of steam? Will the break fail like the high from February 5th? Sellers will like to see a dip back below the 143.192 level to give more confidence. That is home to the 61.8% of the move down from the January 22 high. Below that the 142.88 (swing high and swing low over the last two days).
The early buyers today got a nice clue when the trend line and the 100 and 200 hour MAs held support (see the lows on the chart today). Those traders that leaned against those levels on the dip (with limited risk), were rewarded with a nice run to the upside.
All bets for a correction are off if the price moves back above the 132.37 level and shows signs of more buying.