GBPJPY hit and stalled at a key support at the day’s low today.


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200 day MA and 100 hour MA stalled the fall. Increases the levels importance.

The GBPJPY corrected last Friday with a sharp day down. That move — which spilled into Monday — stalled near the 200 hour MA and 38.2% retracement at the 146.985 area.  The fall did not stop on the button, but it was close enough.  The price started to move back up no Monday.  

Yesterday, that move took the price back above the 100 hour MA and 200 day MA (green overlay line at 148.222 today) and tested the underside of a broken trend line where the price rise stalled. The market is paying attention to that line.  
Today, the price fell and tested that same 100 hour MA and 200 day MA at the 148.22-33 area (see yellow area).  The low today reached 148.332.   Buyers leaned against the level, and the price has moved higher.  The high today has moved toward the high from yesterday. We are seeing a stall.  
What does it all say?
1.  The 100 hour MA and 200 day MA is a key risk barometer. Stay above is bullish. Move below and we should see more selling.
2.  The move off support has some hurdles ahead.  The high from yesterday at 149.01 was broken today (high reached 149.08 today) but stalled not far from the level.   If the price is going higher, that level needs to be broken. Above that level,  the underside of the broken trend line (at 149.35 and moving higher) will be another key target (see  hourly chart above). Remember, it stalled the rally yesterday.  
3.  Looking at the 5 minute chart below, the price bounce off the low, moved up toward the Asian high at 148.929, backed to the 100 bar MA (blue line), based and moved to the new session high.  The price has come off fairly quickly since that intraday high.  As a result — and to keep the buyers more in control — the 200 bar MA and rising 100 bar MA is a risk level.  Staying above is bullish. Move below would not be that great intraday.  

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