Stalls at the 50% retracement
The GBPJPY reached a high at 146.337. The 50% midpoint of the move down from the March 14 high comes in at 146.336. There have been other swing level since March 21 in the 146.33 to 146.487 (yellow area). That makes the area the recent ceiling and midpoint level.
The last 3 hourly bars stalled near the level.
Drilling to the 5-minute chart, the price has been trending higher in that pair today. In the NY session, the price held support at lows along a lower trend line (see red circles below).
More recently (in the NY session), the price extended above a topside trend line (see green circles). That broken trend line is being tested on dips. A break below is a small bearish for the pair (the pair is trending today but it would be a negative). Below that line, the 38.2-50% of the move up from the last trend move higher at the 145.805-93 would be tested. The rising 100 bar MA (blue line) is also in that area at 145.82 (yellow area). A move below that area is the
The GBPJPY is trending. We have to respect that fact. Sellers have to take more control from the buyers. That comes by taking small steps one at a time. If those steps can't be taken or completed (and the ones outlined are the minimum to slow the trend), the trend buyers remain in control.
