200 hour MA and 38.2% are targets on the downside now…
The GBPJPY has found sellers near the 200 day MA at 148.236. The high price did reach 148.29 but in the high flying GBPJPY close enough.
The price has moved back below the 100 hour MA at 147.99 (call it 148.00). That will be a close risk level now, the the 200 day MA a more conservative risk level.
On the downside, the low today stalled near the 38.2% and the 200 hour MA. The 38.2% is at 146.985. The rising 200 hour MA is at 147.167 currently.
The risk and bias levels are defined by the technical levels.
On the topside:
- The 100 hour MA at 147.992 and 200 day MA at 148.235 are resistance
On the downside:
- The 200 hour MA at 146.167 and the 38.2% at 146.985 are support.
The market will can easily ping-pong between the levels but at some point there will be a break. So far today, the market is doing the ping-ponging with buyers at support and sellers at resistance. The sellers are currently trying to make a play on the rejection of the 200 day MA (and 100 hour MA).