A topside swing area between 151.44-151.59. Lower swing area between 150.813-150.865.
The GBPJPY fell to the lowest level since August 27 during yesterday’s trade. That move bottomed at 150.813 which was within a swing area between that level and 150.865. The price moved back higher and stalled near another swing area which includes the 38.2% retracement at 151.440 and swing lows and highs peaking at 151.592.
The high price reached 151.55.
The ups and downs have the pair swinging between the swing areas. The current price is trading near the middle of that range at 151.22. That is just above the 50% of the range since the August 20 low at 151.00 (a nice round number).
Traders will probably I that 50% level as a interim swing/bias defining level. Move below and the bias is more bearish with the lower swing area as the next key target. Stay above and could see a rotation back higher with the 38.2% retracement at 151.44 followed by the upper swing area up to 151.592 as the levels to get to and through.
