GBPJPY approaches 100 day MA (again)


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Tested last week at the lows.  

With the tumble in the GBPUSD, the GBPJPY has also seen a run lower.  

Looking at the hourly chart above, the price action was initially higher on the rebound in China equities. That took the price above the 100 hour MA, a topside trend line, but stalled just ahead of the 200 hour MA (green line in the chart above).  Sellers leaned against the level and the market started to focus on the downside.  
The fall lower has now taken the price back toward the 100 day MA at 145.833 (see lower blue overlay line on the chart above).  Note that on Thursday, that MA stalled the fall.  
The 38.2% of the move up from the August 15th swing low is just above that level at 145.956.  The area from 145.833-956 is a key support for the pair. Buyers should lean on another test, with stops on a break and momentum below the 200 day MA line.  
PS the lower trend line (which held at the Thursday lows as well) comes in at 145.40 currently (and moving lower). The would be the next target on a break..ForexLive
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