The high for the day took out last week’s high but only briefly
The GBPJPY extended to a high price today at 139.221. That actually took the price above the high from last week at 139.190, but momentum quickly faded. The buyers turned to sellers. The price has been rotating back to the downside.
The pair still remains above its closing level from yesterday at 138.45. Around that level is a key technical target defined by both the 100 hour moving average at 138.495 and a rising trend line at 138.45. The combination should be a key bias level for both the buyers and sellers in trading today. Stay above is more bullish. Move below and we should see further probing to the downside.
Should the support level be broken, the low for the day at 138.38 will be the next target, followed by lows from yesterday around the 138.00 level.
If support doesn’t hold, getting back above the 139.00 level and then the highs from last week and today would be the obvious targets.