GBPJPY falls to session lows and looks to test it's 100 hour MA

The GBPJPY GBP/JPY Understanding GBP/JPY: A Comprehensive GuideThe GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how much Japanese yen is needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen. The British pound (GBP) is the world’s fourth most traded currency, whilst the Japane Understanding GBP/JPY: A Comprehensive GuideThe GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how much Japanese yen is needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen. The British pound (GBP) is the world’s fourth most traded currency, whilst the Japane Read this Term is trading to a new session low and in the process is looking to test its 100 hour MA at 162.29. The low price just reached 162.312. The MA is joined by a swing area between 162.196 to 162.379.

A move below the 100 hour MA - and the low of the swing area - would give sellers more control and set the 162.379 as close resistance.

Conversely, dip buyers looking for a rebound, could lean here with stops on a break below 162.196. A move back above 162.379 would give some comfort for more corrective price action.

The high price today, stalled ahead of the falling 200 hour MA and the 50% of the range from the April 20 high (at 163.989). The high reached 163.885 in the Asian session and 163.82 in the European session before moving back to the downside.

The move to the downside is being driven more by a continued fall in the GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term. It is currently trading at new session lows at 1.2474. Earlier today, the price fell back below its rising 100 hour moving average and has been able to stay below that moving average. The price is also breaking below a swing area between 1.2490 and 1.2502 on its way to new session lows (see the chart below).