GBPJPY consolidates above the 100 hour MA (but below a ceiling)

Technical Analysis

Consolidates under ceiling and above the 100 hour MA 

The GBPJPY has consolidated in an up and down range in trading today. 

The low today stalled near the 100 hour MA and is bouncing modestly. The last 4 tests of the MA line (see blue line) has stalled the falls.  

Above the 200 hour MA (green line) has seen modest buying on moves above and modest selling on moves below as traders figure out the next move.

Further to the upside, is a ceiling at 139.42-49 area.  The ceiling was a floor until January 2nd. The high yesterday stalled against the level and wandered lower.

For traders, look for a break of the 100 hour MA for a more bearish run.  If it holds, and the price can stay above the 200 hour MA, the ceiling at 139.422 will be eyed for a potential break and run higher.  

Three days of consolidation. At some point traders will jump on the upside or downside.  Look for the break and run.  
ForexLive

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