GBPJPY corrects to a cluster of support at 140.10-22. Key area for bulls/bears


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Support level for the GBPJPY tested.

The GBPJPY is down testing a support area defined by the:

  • Underside of a broken trend line at 140.18
  • The 100 hour MA at 140.20
  • The 200 hour MA at 140.103.  
  • The 61.8% retracement at 140.22

Bundle them together and you have support at 140.10 to 140.22. The low for the day just reached to 140.192.  

The area is a barometer for both the bulls and the bears. Find dip buyers and hold and we could see a rotation back up toward the 50% retracement of the recent move up at 140.478.
Move below and it opens up the door for further downside with the recent lows at 139.36-39 area as the potential target.  

ForexLive
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