GBPJPY moves above 100 day MA. Tests broken trend line

Technical Analysis

Author: Greg Michalowski | gbpjpy

100 day MA at 143.743.  Broken trend line/swing levels at 143.94-144.01

The GBPJPY is getting a boost from the rise in the USDJPY. The USDJPY currently tests the 200 hour MA and the 100 bar MA on the 4-hour chart at 109.26. Key level for that pair as I type.


The move has helped to push the price back above it's 100 day MA at 143.74. The high has extended to 143.916 so far and looks toward a cluster of resistance defined by a swing high in June, a couple swing lows in July and the underside of the broken trend line at 143.94 to 144.01 area.  

So key level for the USDJPY and key level for the GBPJPY   Look for sellers to lean against the 143.94-144.01 level on the test but if it is a peak, the price needs to also move back below the 100 day MA at 143.74.  A move below would help muddy the water for the longs.   

Below is the current look at the USDJPY. The 200 hour MA and the 100 bar MA on the 3-hour is being tested.