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The GBPJPY is trading to a new session low and in the process is looking to test its 100 hour MA at 162.29. The low price just reached 162.312. The MA is joined by a swing area between 162.196 to 162.379.
A move below the 100 hour MA – and the low of the swing area – would give sellers more control and set the 162.379 as close resistance.
Conversely, dip buyers looking for a rebound, could lean here with stops on a break below 162.196. A move back above 162.379 would give some comfort for more corrective price action.
The high price today, stalled ahead of the falling 200 hour MA and the 50% of the range from the April 20 high (at 163.989). The high reached 163.885 in the Asian session and 163.82 in the European session before moving back to the downside.
The move to the downside is being driven more by a continued fall in the GBPUSD . It is currently trading at new session lows at 1.2474. Earlier today, the price fell back below its rising 100 hour moving average and has been able to stay below that moving average. The price is also breaking below a swing area between 1.2490 and 1.2502 on its way to new session lows (see the chart below).
