Buyers making more of a push, and tests a topside trend line on the hourly.

The GBPJPY stalled near the 200 day MA and 50% retracement yesterday. The price rotated back lower which tends to happen on the test of both those technical levels. I analyzed the move in a post yesterday. You can read it here.

One thing stressed in that post yesterday, was the importance of the 100 hour MA.

Specifically,

What is key technically from the hourly chart is the 100 hour MA (blue line in the chart below). So far, that MA line has NOT been tested/broken. The last time the price was below that MA was back on September 10 before the trend move higher started.

If the price can stay above that MA line, the bulls are still holding onto control - despite the failure above at the 200 day and 50% retracement. That does not mean that 148.25-28 area will be broken (that may still run into sellers on another test), but it does mean that the sellers could not take back more control from the buyers. PS if the 200 day MA and 50% is broken it will be BULLISH.

Looking at the 100 hour MA chart below, in the Asian market, the price moved sideways and that allowed the 100 hour MA (blue line in the chart below) to catch up. The price sniffed that line but could not really push toward the line. Buyers came in. Seller gave up. There was a little stall near the 200 day MA (and 38.2%) at 148.268, but once the price started to trade more comfortably above the level, the buyers took more control.

The high price today has run into a topside trend line on the hourly chart and stalled (at 149.05 area and moving higher). There is some profit taking at the risk defining level. If the price can breach that level, the upside opens up. The next targets would be the 149.306 which was the high on the daily chart from July. The 150.00 level was the high from May 18th. The 61.8% of the move down from the The 2018 high, comes in at 150.215. Those are targets (see daily chart at the top of the post.

Risk?

The 200 day MA and 50% remains a key level. When you break both those levels and they are at the same level, that level becomes a key risk level for longs looking for more upside.

Looking at the 5-minute chart, the rising 100 bar MA at 148.39 will be a MA to eye for short term intraday clues. Stay above keeps the bulls in control (blue line in the chart below).