Moves below 100 hour MA
The GBPJPY fell below the 100 hour MA earlier today (blue line in the chart below) and the selling has continued to a lower trend line at the 147.09 level. We currently trade at 147.15. Also ahead to the downside technically is the swing low from Feb 28 and swing high from Feb 26th. Those levels come in at 146.97-05. Stepping below, would solicit more selling with the 200 hour MA at 146.188 as yet another downside target.
The pair has been trending higher with the rest of the GBP complex, on the back of covering on hopes of either a Brexit deal, or an extension. A no-deal Brexit has been taken more out of the equation - at least for now.
Technically, off the hourly, the price did stall on Friday near a topside trend line and then moved below a lower trend line. The underside of that trend line was tested today and held, giving sellers a reason to explore the downside. The fall below the 100 hour MA kicked the pair lower in the NY session.
For traders now, stay below the 100 hour MA and the price can go lower. If the selling is to intensify, however, that lower trend line needs to be broken and stay broken.
