The GBPJPY has been stepping higher since bottoming on a March 8 near 150.969.
The move to the upside first extended above the 100 hour moving average up to the 200 hour moving average (lower blue and green lines in the chart above).
On Friday of last week, the pair moved above its 200 hour moving average but stalled against its 200 day moving average (currently at 153.309), but of significance was the holding of the 200 hour moving average on that same day.
That hold gave the buyers the go-ahead to push higher on Monday and Tuesday and into today’s trading as well. There was a correction yesterday after the break of the 100 day moving average failed, but dip buyers near the 200 day moving average came in and pushed the price back to the upside in what was a up and down trading day.
Today the pair based against its 100 day MA before moving in a more trend-like move with higher highs and higher lows. The move took the price up to a key swing area between 115.28 and 115.498. The 61.8% retracement of the move down from the February 10 high also comes near that area at 115.349. The high price reached 155.35.
The current price is off the swing area. A move below the high from yesterday at 154.68 would be a negative followed by a move below the 50% midpoint at 154.13. Get below each and sellers near the swing area are breathing easier. Absent that the battle remains with the aforementioned a swing area above as the key level to get to and through.