GBPJPY finding buyers at the 200 hour MA

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200 hour MA and swing high from May 15

The GBPJPY has moved down in up and down trading today and in the process has reached the 200 hour MA at 131.43. The last 2-3 hour has seen the market traders leaning against that level, but the price rise has also been limited. Something has to give.

If you want to buy the dip, the risk is limited.  If you are short — or see the pair moving continuing lower — a break should solicit more selling. 

PS the 200 hour MA also corresponds with the swing high from May 15. That is also making the level a key borderline for both buyers and sellers. Stay above, more bullish. Move below, more bearish.  

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