Below 100 and 200 hour MAs
The GBPJPY moved above the 100 and 200 hour MAs earlier in the day, but with stocks weak today and currently down over 2%, there has been some selling on the risk that there may be some contagion concern into the Asian stock market session on Monday. As a result, the buyers of the GBPJPY (sellers of JPY) have turned into sellers (buyers of JPY) and the price of the GBPJPY has moved back below both the 100 and 200 hour MAs
Looking at the hourly chart, the 100 and 200 hour MAs are converged around the 136.50 area, and the price over the last 5 or so hours has traded below those MA levels. The price just extended to a NY session low of 136.01. The price has also moved below the 50% of the move down from the post-Brexit high from July 15. That level comes in at 136.14.
The price is not racing lower but as we head more toward the close, and if the stocks don't have a late day rally, traders may look to push this pair lower.
PS, the GBPUSD remains below the 200 hour MA, putting more of a negative bias on the GBPUSD pair as well. This could lead to a bearish impact on the GBPJPY as well.