Gbp/Jpy below 100 day M/A

Gbp/Jpy is trading firmly below its 100 day M/A of  142.40.  The pair may have found some support at the 38.2% fibo retracement (140.62) of move up from March 1st. A break below this support level could bring the pair below 140.00, where it may meet psychological support. If the pair reverses course and holds 142.40 should act as strong resistance, the 100 day M/A.

Remember we are looking at Gbp/Jpy from a daily perspective, thus a close below 142.40 should be a bearish indicator for days to come.

Gbp/Jpy tests 100 hour M/A

Gbp/Jpy failed in its first attempt to break below its 100 hour M/A of 144.12. A clean break below may bring the pair down to its 200 hour M/A of 143.34. If the pair holds a move back to 144.60, the 38.2% fibo of move up from 142.41,  is likely.

Gbp/Jpy trading near hourly support

To revisit an hourly chart posted a couple of days ago, Gbp/Jpy is trading just above 141.70-80, which was cited here as being a strong level of support. The 200 hour M/A comes in at 141.81 to lend support to a level which has seen numerous hourly lows dating back to March 31. I left up the Fibo Retracement that had been used in my original post. If the pair breaks below look for a move down to 140.50-60. If it starts to retrace once again it should run into resistance at 143.00-10, which is where the 38.2% fibo lies.

This was the view from the morning of April 6.

Gbp/Jpy below 100 hour M/A

As stated earlier, Gbp/Jpy had found some support at its 100 hour M/A and threatened to break below. The pair has indeed broken below this level and has met some support at 142.00-10. I suspect this is a brief stop on its way down to 141.73, where there should be stronger support. If the pair reverses and goes higher the 100 hour M/A should be looked upon as resistance. To the downside its 200 hour M/A lies down at 140.68, though we are still pretty far off this support.

Gbp/Jpy finding support at 100 hour M/A

Gbp/Jpy seems to be running into support at its 100 hour M/A of 142.96. After trading lower for the last 6 hours. If the pair holds above a retracement to 143.60, which is the 38.2% Fibo, is likely. A break below could send the pair down to 141.70-80 , an area of old hourly lows, as there is not much support below the 100 hour M/A.

Gbp/Jpy trading in between 100 and 200 hour M/A

Gbp/Jpy has been a high flyer in recent days. Currently the pair is trading in between its 100 and 200 hour M/A with momentum to the upside. The pair should find resistance around 146.55, a trendline of old hourly highs. If it breaks above then its 200 hour M/A of 146.83 should act as added resistance.

To the downside the 61.8 fibo lies at 145.87 with better support beneath in the form of its 100 hour M/A at 145.40 , with help from the 50% fibo at 145.42.

Gbp/Jpy does an about face as S&P Japanese outlook turns “negative”

Gbp/Jpy traded up to 146.72, just off its 100 hour M/A, on the S&P’s negative outlook of Japan. The pair had looked poised for a further move down earlier in session, however unforeseen news can change a currencies momentum rather quickly.

Gbp/Jpy retracing move up from 144.58, feels effects of BoJ

Since making a new high of 147.28 earlier in this session Gbp/Jpy has been on a steady decline due in part to commentary from the Bank of Japan. The BoJ said it remains committed to fighting deflation as gains in the yen risk stunting the country’s economic recovery.  That being said “it’s highly probable the central bank will come under pressure to ease policy further as the economy loses steam,” said Teizo Taya, a former central bank board member.

 The pair may be headed for a full retracement of move up from 144.58 (low from 1/22) as the yen continues to stengthen across the board. The 50% fibo at 145.93 should act as resistance , if the pair reverses its current momentum.

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