Yesterday in a post I outlined the resistance against the 100 hour moving average and a floor being established on the downside (see post here).
Today, the GBPJPY is continuing to hold support at the floor between 155.39 to 155.44. That low was first made on Friday. It was tested on Tuesday, Wednesday, and on two separate occasions today (see red numbered circles). Needless to say a break below the floor would open the door for further momentum down toward the January low at 154.862.
Having said that, the upside has seen a ceiling against its falling 100 hour moving average. Yesterday on three separate hourly bars and today, the price highs found willing sellers against that moving average line. It currently comes in at 156.01. Move above it and it should open further upside momentum.
So with a floor established and a moving average ceiling established, the spring is coiling. Traders are waiting the next shove. The current price trade between the levels at 155.66.