Earlier fall below 100 hour MA failed
A battle is on in the GBPJPY.
The pair corrected in the early London session, falling below the 100 hour MA in the process. However, that break was shortlived and the price rebounced.
The rise moved up to test the 200 hour MA at 137.741. The price of the pair has not traded above the 200 hour MA since May 21. That break back then, was only for an hour. You have to go back to May 7th for an extend time period above the 200 hour MA. That was all the way up at the 145.00 area.
With the 200 hour MA at 137.74, the technical hurdle is certainly easier at the lower level (compared to May 27 at 139.50 and May 7th at 145.00) . However, it still needs to be done and the break still needs to stay above the level. Until then, the sellers remain more in control.
So the battle is on between the two moving averages, with sellers against the 200 hour MA winning the last squirmish between the buyers and the sellers, but the test is on.
