High from last week and 38.2% are targets
The GBPJPY has held support at the 100 day MA on the dip today, but has more upside work to do to keep the bulls firmly in control.
The 100 day MA comes in at 134.201. The low in the early European session stalled at 134.23 and moved higher. Bullish.
The high for the day did stall at 134.66. That level was just short of the high from last week at 134.694. Not so bullish.
Getting above that level and then the 38.2% of the move down from the June 5 high at 134.795 will be needed to push the price higher and increase the bullish bias.
Buyers are making a play. Can they keep that momentum going? It will take staying above the 100 day MA (risk) and getting above the swing area at 134.69-795 area.