100 and 200 hour MAs tested
The GBPJPY move higher yesterday after clinging to a bullish bias. I wrote about it HERE.
The move higher took the price away from the 100 and 200 hour MAs (blue and green line). Today, the run higher breached the 61.8% at 137.19 twice, but each breach failed. The buyers turned to sellers.
What now?
The price has moved back to the 100 and 200 hour MAs at 136.596 and 136.453 respectively. The low reached 136.452. The 100 hour MA was broken but the 200 hour MA has stalled the fall.
Holding that level give the buyers some hope of a rebound.
PS. the GBPUSD held its 200 hour MA a couple times today as well.
