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Bullish bounce
The GBPJPY has been consolidating – going sideways – over the last 3-4 days. The price remains near the high but has seen ups and down intraday price action.
Today, the consolidation/correction moved into the rising 100 hour MA (blue line) and found buyers. That is bullish. The price is trading at new session highs to 143.27. That is just above the Friday high at 143.228.
The bounce off the 100 hour MA was a key test.
The test of the high from Friday is the next test. The price can either break and go higher, or stall, make a double top and continue the up and down consolidation with the 100 hour MA as the lower guardrail and the double top as the topside guardrail.
Taking a broader look at the daily chart, the pair is also testing a swing low from back in May at 143.188. We are just above that level, and combined with the high from Friday, makes the level even more important.
Be award. Key battle going on right now.
