Watching for support buyers at 145.75-87
The GBPJPY broke above a ceiling area at the 145.75-87 today (see yellow area) and continued to move higher. That move,however, did run into the next possible target at the 50% retracement at 146.495. The high reached 146.46 and the price has rotated back down.
That move lower is looking to test the old ceiling area at the 145.75-87. If the buyers loved the break, the buyers should love the retest. Traders should stall the fall on a retest of the old ceiling (yellow area), and move back higher. Risk is defined at the area.
The possible targets above remain at the 50% and then the 200 hour MA at 146.662.
