The GBPJPY moved up in the early Asian trading to test the 100 hour moving average (blue line in the chart above).
The price failed on the first try, but ultimately traded back above only to find sellers near the swing low from January 25 at 159.47. The high price reached 159.40. That high stall at a downward sloping trendline connecting highs from January 30 and January 31 (see green numbered circle three).
After rotating lower, the pair found a base near 158.71. The price in the late London morning session was finally able to extend above the downward sloping trendline and run up toward the 200 hour moving average and 61.8% retracement of the move down from the January 26 high near 159.82. A brief move above that level found sellers and the price has since rotated back down toward the swing area between 159.396 and 159.472.
With the sellers near the 200 hour moving average and 61.8% retracement, that level is now setting itself up as a key resistance level to get to and through if the buyers are to continue their run to the upside.
Conversely on the downside, watch the 50% at 159.22 followed by the underside of the broken trendline (which currently comes in at 159.12) as support.
